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| COMPARE : EDUCATION LOANS |
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| Oriental Bank of Commerce Education Loan |
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| Introduction |
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| Oriental bank of commerce gives loan to students seeking to take up higher education after school but do not have funds. Indian national not above 45 years are eligible for loan. Students who have applied for commercial pilot course need to deposit additional security like LIC policy is to be obtained, in case the collateral security equivalent to loan amount condition applies, in such condition obtaining of LIC policy is waived |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Admission fee / Monthly fee / Examination fee, Books, equipments, Air fare expenses of hostel, expenses for study tours, project work, thesis.
1. Graduation
For job-oriented professional/technical courses offered by reputed universities.
2. Post Graduation
Courses like MCA, MBA, MS etc.
3. Courses conducted by CIMA-London, CPA in USA etc
4. 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. |
Admission fee / Monthly fee / Examination fee, Books, equipments, expenses of hostel / expenses for study tours, project work, thesis.
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.
2. Courses like I.C.W.A., C.A., C.F.A., etc.
3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
4. Approved courses offered in India by reputed foreign universities
5. Evening courses of approved / accredited institutes
6. Computer Certificate courses of reputed institutes accredited to the Deptt. of Electronics or Institutes affiliated to Universities. |
| Loan Amount |
Repayment
For loan upto Rs. 7.50 Lacs - Upto 10 years
For Loan above Rs. 7.50 Lacs - Upto 15 years
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For loan upto Rs. 7.50 Lacs - Upto 10 years
For Loan above Rs. 7.50 Lacs - Upto 15 years
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| Margin Money |
Upto 4 lacs - NIL
Above 4 lacs for education Abroad - 15%
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Upto 4 lacs - NIL
Above 4 lacs for education in India - 5%
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| Tenure |
Min. - 1 Yrs.
Max. - 7 Yrs.
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Min. - 1 Yrs.
Max. - 7 Yrs.
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| Interest Rate |
Loan up to Rs.4.00 lac: 12.75%
Above Rs.4.00 Lacs & Upto Rs.7.50 Lacs: 13.25%
Above Rs.7.50 Lacs: 12.00%
Education Loan to Serving Professionals / Executives and Defence Personnel for Part-time courses: 12.75%
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Loan up to Rs.4.00 lac: 12.75%
Above Rs.4.00 Lacs & Upto Rs.7.50 Lacs: 13.25%
Above Rs.7.50 Lacs: 12.00%
Education Loan to Serving Professionals / Executives and Defence Personnel for Part-time courses: 12.75%
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
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| Comment on Charges |
processing fee For study abroad: Rs.1000/- +Service tax, if any. However, the fee would be refunded to the student on taking up the course |
penal interest
2% over the normal rate of interest shall be charged on loan above 4 Lacs on overdue amount for the overdue period. |
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Security
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Security |
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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/ Banks 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. |
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