Oriental Bank of Commerce Education Loan

Head Office Harsha Bhawan, Connaught Place, New Delhi 110001 Phone No - (011) 23417121/ 23415508 /23416691 Website - https://www.obcindia.co.in

Education Bank Loan in India: Oriental Bank of Commerce.

The Oriental Bank of Commerce was set up on 19th February, 1943 in Lahore. This bank was founded by the first chairman of the bank Late Rai Bahadur Lala Sohan Lal. Education Loans are offered by oriental bank of commerce to students who want to pursue higher education in India and abroad.

Eligible Criteria for Oriental Bank of Commerce Education Loan:

Student Education Loan:

• Student should have Nationality Indian and age should be less than 45 years.
• Must take secured admission to standard institutes or Universities for the professional or job oriented courses.

Courses Eligible for Getting Loan:

To pursue higher studies after completion of schooling

Details of Education Loan:

Exposure of expenses:

• Fee payable to Hostel, school or colleges
• Fees of exam.
• Purchase of books and the equipments.
• Passage money or travel expenses for the studies in abroad.
• Buy computers needed for the completion of Courses
• Monthly, admission or the examination fee, and fees for purchasing stationary, books & the equipments.

Quantum:

• The maximum amount is Rs. 10.00 lakh for studies in India
• The maximum amount is Rs. 20.00 lakh for those studies in abroad

Margin:

• No margin up to Rs. 4 Lakh
• The margin is 5 percent on the amount above Rs.4 lakh to studies in India Margin is 15 percent for studies abroad.

Security:

Security for the loan to Rs. 4.00 lakh

• No any collateral security is required
• Co-obligation of guardian or parents is must

For Loans between Rs. 4.0 lakh - Rs.7.5 lakh

• Collateral security does not needed
• Co-obligation of the guardians or parents is must
• Guarantee of third party

Loan amount above Rs.7.5 lakh

• Co-obligation of the guardian or parents is compulsory
• Mortgage of the fixed property or any physical property having cost equal or greater than amount of loan.

Disbursement:

Repayment period or moratorium period is one year after completion of the course or 6 months from getting the job, whichever is earlier. After initiating the repayment, the loan is repaid in 5 to 7 years.

Details & Contact

Head Office
Harsha Bhawan,
Connaught Place,
New Delhi 110001
Phone No - (011) 23417121/ 23415508 /23416691
Website - https://www.obcindia.co.in

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.

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