New Delhi: Students who want to enroll for a NIIT course can now get easy financial assistance as education loan from Oriental Bank of Commerce (OBC) Premier information technology education provider in India NIIT has tied up with OBC to extend such loan facilities to its students.
Career program of over one year duration can be funded using loans from OBC. The bank will provide education loans up to 1.24 lakhs and will be available under the bank's regular education loan scheme. In addition to it, the loan will also provide a free personal accident cover of up to Rs. 15 lakhs.
It's not just the students who will benefit, working executives undergoing career improvement courses from NIIT Imperia will also be able to avail a loan up to Rs. 2 lakh who are enrolled for management programs.
Oriental Bank of Commerce offers education loans for both study in India and foreign university courses. For loans up to Rs. 4.00 lakhs, the bank requires no collateral or security for its educational loan.( The amount of loan available for NIIT students is Rs. 1.24 lakhs and 2.00 lakhs respectively, so this category applies to them). However, there is a compulsory co-obligation requirement of parents or guardians. The bank charges up no margin money for an education loan up to Rs. 4 Lakhs.
The bank charges simple interest during study and moratorium period. A concession of 1% in rate of interest will be allowed, if interest is serviced regularly during the study and moratorium period. This concession shall be allowed after expiry of moratorium. OBC education loan offers an additional 0.50% concession to women beneficiaries, SC/STs and disabled students. The processing fees of Rs. 100 is charged for an education loan up to Rs. 4 lakhs. The repayment of the education loan from OBC can be done by 84 Equated Monthly Installments (EMIs) commencing 12 months after course or 6 months after getting the job, whichever is earlier.
Speaking to media persons OBC, Executive Director Allen C A Pereira said, "As part of its endeavour to participate in the national effort to build skills for future growth, the bank has tied up with NIIT for offering loans to students desirous of enrolling for its IT training programs. Oriental Bank has also partnered with NIIT Imperia for extending education loans to working executives who wish to pursue executive management courses from institutes such as the IIMs, through Imperia."