Oriental Bank of Commerce STUDENT LOAN Schemes

Eligibility:
Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions).

Amount of Loan:
Education in India - Max. Rs.7.50 lacs.
Education Abroad - Max. Rs.15.00 lacs.
Security:
For Loans upto Rs.4.00 lac

No Collateral Security
Co-obligation of parents/guardian if student is minor.

For Loans above 4 lacs and upto Rs.7.50 lacs

No Collateral Security required,
Co-obligation of parents/guardian
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 etc. having value at least equal to 100% of loan. Extension of charge on property already mortgaged subject to adequate residual value of security.

Co-obligations of parents is must for loans to students studying abroad irrespective of the amount of loan/age of the borrower.

Margin:
Upto 4 lacs - NIL
Above 4 lacs for education in India - 5%
Education Abroad - 15%

Rate of Interest:
10% per annum

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

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

Insurance:
Free Personal Accident Insurance upto Rs.15 lac.

Please visit Oriental Bank Of Commerce Student Loan Site for Further Details

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