Education loans saw a significant growth of 19.6%, reaching Rs. 2,844 crore, with 41% of the disbursed amount benefiting female students.
Bank of Baroda’s (BoB) Strategic Focus on Retail Lending Supports Education Sector
NEW DELHI (India CSR): Bank of Baroda, one of India’s largest and oldest state-owned banks, has bolstered its education loan portfolio significantly in the fiscal year 2023-24, supporting thousands of students in achieving their academic dreams. With a focus on high-yielding retail loans, BoB’s retail portfolio surpassed the INR 2 lakh crore mark, reaching INR 2,14,942 crore—a 20.7% growth.
Education loans alone grew by 19.6%, amounting to Rs. 2,844 crore, with 41% of the loans distributed to female students.
Education Loan Portfolio Highlights
- Education Loans Growth: BoB’s education loan segment saw robust expansion, with disbursements rising to Rs. 2,844 crore in FY2024.
- Female Empowerment: Of the total education loans disbursed, 41% were allocated to female students, aligning with the bank’s commitment to gender inclusivity.
- New Customers: In FY2024, 25,791 new customers were added in the education loan segment, furthering access to higher education for students across India.
Innovative Digital Initiatives and Schemes
BoB introduced several innovations in its education loan offerings, catering to students seeking both domestic and overseas education:
- Competitive Interest Rates: The bank aligned interest rates for its Education Loan ROI with 98 premier institutes for overseas studies, providing competitive rates for international education.
- Fixed Rate Option: For added financial stability, a fixed-rate option was introduced for both existing and new education loan accounts.
- Digital Education Loan for EDP: To support working professionals, BoB launched a digital education loan for Executive Development Programs (EDP) at premier Indian institutes, available through its Digital Lending Platform.
Bank of Baroda’s Strategic Growth in Retail Loans
Apart from education loans, BoB saw considerable growth across other retail segments, reflecting its robust strategy in retail banking:
- Home Loans: Grew by 14.1%, totaling Rs. 1,11,791 crore.
- Auto Loans: Increased by 23.8%, reaching Rs. 38,697 crore.
- Personal Loans: Saw the highest growth at 51.6%, amounting to Rs. 29,784 crore.
BoB’s Strong Presence and Legacy
Founded in 1908, Bank of Baroda has been a significant player in India’s banking sector, with over 8,343 branches and a substantial international presence across 17 countries. Following the merger with Vijaya Bank and Dena Bank in 2019, BoB has continued to strengthen its offerings, reinforcing its role as a leading institution dedicated to inclusive growth and financial empowerment.
Bank of Baroda’s commitment to supporting students through education loans demonstrates its focus on enhancing access to quality education, helping students realize their academic ambitions while contributing to India’s skilled workforce.
(India CSR)
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