| Eligibility : Student
- 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.
Courses
- 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.
Quantum
- For studies in India - Max. Rs.10.00 lacs
- For studies Abroad - Max. Rs.20.00 lacs.
Margin
- Upto 4 lacs - Nil
- Above 4 lacs
- Education in India - 5%
- Education Abroad - 15%
Security
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/-
Repayment 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 |
