Education Loans in India
Tuesday, January 21, 2020
Education & Career
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Oriental Bank of Commerce Education Loan Scheme


Eligibility : 


  • Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions) OR institutes recognized by a statutory body.


  • For higher education(after schooling)

Loan Details

Coverage of expenses 

  • Admission fee/Monthly fee/Examination fee, Books, Stationery & equipments
  • Air fare for joining the course abroad, Boarding & lodging expenses of hostel/boarding houses, where charges are standardised and paid to the Management of the Boarding House. Any other expenses required to complete the course like study tours, project work, thesis etc.


  • For studies in India - Max. Rs.10.00 lacs
  • For studies Abroad - Max. Rs.20.00 lacs.


  • Upto 4 lacs - Nil
  • Above 4 lacs
    - Education in India - 5%
    - Education Abroad - 15%


For Loans upto Rs.4.00 lac

  • No Collateral Security
  • Co-obligation of parents/guardian is must.

For Loans above 4 lacs and upto Rs.7.50 lacs

  • No Collateral Security required
  • Co-obligation of parents/guardian is must
  • One satisfactory third party guarantee

Above Rs.7.50 lacs

  • Co-obligation of parents/guardian is obligatory
  • Mortgage of immovable property or any other tangible security like pledge of NSC/UTI/LIC (Surrender Value)/ Bonds/ Bank's deposits (Except under tax saving scheme) etc. . having value at least equal to 100% of loan. Extension of charge on property already mortgaged with our Bank, subject to adequate residual value of security.
Rate of Interest

For Loan upto Rs. 4.00 Lacs: PLR - 1.25 = 10.75 % p a
For Loan above Rs. 4.00 Lacs: PLR - 0.50 = 11.50 % p a

(0.50% concession in interest for girl student)

The minimum interest on education loans after allowing all concessions, which includes 0.50 concession to girl shall not fall below 10.50% p.a. (for male students) and 10.25% (for female students)

Concession on Rate of Interest :
Simple Interest shall be charged during study and moratorium period. The concession of 1% in rate of interest to be allowed, if interest is serviced regularly during the study and moratorium period. This concession shall be allowed after expiry of moratorium.

Process Fee:

  • Upto 4 lacs - Rs. 100/-.
  • Above 4 lacs for education in India - Rs. 500/-
  • Education Abroad - Rs. 1000/-

Within 84 EMIs commencing 12 months after course or 6 months after getting the job, whichever is earlier.


Contact Details

Head Office
Oriental Bank of Commerce Ltd.
Harsha Bhawan, E- Block, Connaught Place, New Delhi – 110001
Telephone No. : 91-11-23417121, 23416691, 23415508
Website : visit
Oriental Bank of Commerce Regional Offices

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.