Oriental Bank of Commerce Education Loan
Oriental Bank of Commerce Education Loan Scheme
Eligibility For Loan :
Student who is / has: -
- An Indian national.
- Meritorious student
- Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process
Eligible Courses
Studies in India:
- Approved courses leading to Graduate/ Post Graduate degree and Post Graduate diplomas conducted by recognized Colleges / Universities approved / accredited by Government of India/ State Government/ UGC / Government /AICTE /AIBMS / ICMR or Regulatory bodies.
- Courses like I.C.W.A., C.A., C.F.A., etc.
- Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
- Approved courses offered in India by reputed foreign universities
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
- Approved by Head Office and included in approved educational institutions list
- All Regular courses conducted by Institutions categorized as A, B and others
Note: The above list is indicative in nature the other job oriented courses to technical/ professional degrees/ diplomas offered by recognized institution may be considered under this scheme.
Studies in Abroad:
Graduation
For job-oriented professional/technical courses offered by reputed universities. (Diploma/ Certification courses are not permissible) Post Graduation
Courses like MCA, MBA, MS etc.
Courses conducted by CIMA-London, CPA in USA etc Degree/ Diploma
Courses like Aeronautical, Pilot training, and Shipping etc.
provided these are recognized by competent regulatory bodies in India/ abroad for the purpose of employment in India and abroad.
Components of Finance
- Fee payable to college/ school/ hostel (lodging and boarding). Reasonable Lodging & Boarding charges will be considered in case the student chooses/ is required to opt for outside accommodation.
- Examination/ Library/ Laboratory fee.
- Insurance premium.
- Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Travel expenses/ passage money for studies abroad / College Bus fare in case of study in India
- Purchase of computers-essential for completion of the course*.
- Purchase of books/ equipments/ instruments/ uniforms*.
- Any other expenses required to complete the course-like study tours, project work, thesis, etc*.
*Terms & Conditions apply.
Amount of loan
No upper Ceiling. As per the fee structure of the institution-without collateral security.
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₹ 10.00 Lacs Without Collateral Security.
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Actual as per fee structure of Institution
In case higher loan limit is requested (from the above mentioned limit) for category A & B institutions, 100% tangible security with value equivalent to loan amount is required.
Rate of Interest and Repayment
| Rate of interest |
Institutions |
Rate of Interest |
| For Category A |
RBLR+0.10 |
| For Category B |
RBLR+0.60% |
| Others Institutions and working professionals |
| Up to ₹ 4.00 Lacs |
RBLR+2.10% |
| Above ₹ 4.00 Lacs & Upto ₹ 7.50 Lacs |
Credit Guarantee cover |
RBLR+2.10% |
| Immovable Property or Tangible Assets |
RBLR+1.85% |
| Above ₹ 7.50 Lacs |
RBLR+1.85% |
|
|
Special Rates:
- Simple interest during moratorium period and thereafter the interest shall be compounded.
- Concession of 1% in rate of interest is allowed for moratorium period (study + grace period), if the monthly interest is serviced regularly (monthly basis) during the moratorium period.
- 0.50% concession on rate of interest will be applicable to women beneficiaries, SC/ST & disabled students. However, the 0.50% concession will be available for only one characteristic.
Note: The rate of interest shall not fall below 1 year MCLR in any case.
|
| Repayment |
Upto 15 years
Loan is repayable in EMI
Moratorium period shall be exclusive of Repayment period |
| Process fee |
Loans for study in India :- NIL
Loans for study abroad :-
- Upto ₹ 4.00 lacs: Nil
- Above ₹ 4.00 Lacs:1% of loan amount to be recovered upfront, subject to minimum of ₹ 10000/- plus service tax, if any, if any (fee would be refunded after taking the course)
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