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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 |
Admission fee / Monthly fee / Examination fee, Books, equipments, expenses of hostel / expenses for study tours, project work, thesis |
| Loan Amount |
Min. - Rs 50000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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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 |
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Min. - 1 Yrs.
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| Interest Rate |
For Loan upto Rs. 4.00 Lacs: BR + 2.75% = 13.50 % per annum
For Loan above Rs. 4.00 Lacs: BR + 3.50% = 14.25 % per annum
The concession of 1% in rate of interest to be allowed, if interest is serviced regularly during the study and moratorium period. This concession shall be allowed after expiry of moratorium.
0.50% concession to women beneficiaries, SC/STs and disabled students.
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For Loan upto Rs. 4.00 Lacs: 13.50% per annum
For Loan above Rs. 4.00 Lacs: 14.25 % per annum
(0.50% concession in interest for girl student)
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 Fees & charges
Fees & charges
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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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Terms & Conditions
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Terms & Conditions |
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Within 84 EMIs commencing 12 months after course or 6 months after getting the job, whichever is earlier. |
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Show All Education Loans
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