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.
- The maximum amount is Rs. 10.0 lakhs for the studies in the India.
- The maximum amount is Rs. 20.0 lakhs for those studies in abroad
- There is no any margin on the loan up to Rs 4 lakh.
- The margin on loans greater than Rs 4 lakh is 5 percent for students in India and 15 percent for the students in Abroad.
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.
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:
New Delhi 110001
Phone No - (011) 23417121/ 23415508 /23416691
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.