Oriental Bank: Education Loans

Eligibility of Education Loan

(i) The applicant should be an India national and not above 45 years of age.

(ii) Any student who has secured admission in a recognized course of an approved university (AICTE approved institutions) OR instituties recognized by a statutory body would be eligibility for finance under the scheme.

Amount of Loan

Education in India – Max Rs. 10.00 lacs

Education Abroad – Max Rs. 20.00 lacs.

Security of Education Loan

For Loan upto Rs. 4.00 Lac

- No Collateral Security,

- Co-obligation of parents/ guardian is must.

For Loan above 4 lac and up to 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 Loan

- Co-obligation of parents/ guardians is obligatory

- Mortgage of immovable property or any other tangible security like pledge of NSE/ UTI/ LIC(Surrender Value) / Bonds/ Bank’s deposits (Except under tax saving scheme) etc. having value at least equal to 100% of loan . Extension of charge on property already mortgaged subject to adequate residual value of security.

Margin

Up to 4 lacs –Nil

Above 4 lacs for education in India –5 %

Education Abroad –15%

Concession on Rate of Interest

Simple Interest shall be charged during study and moratorium period. 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.

Rate of Interest

For loan upto Rs. 00 lacs PLR- 2.00 =11.25% per annum

For loan up to Rs 4.00 lacs PLR= 12.00% per annum

Simple interest during study/ moratorium period and1% concession is allowed if the interest is serviced during this period.

Special Rate : 0.50% concession to women beneficiaries, SC/ST and disabled students

Process Fee of Education Loan

Up to 4 lacs – rs 100/-

Above 4 lacs for education in India Rs. 500/-

Education Abroad – Rs. 1000/-

Repayment of Loan

With in 84 EMIs commencing 12 months after course or 6 month after getting the job, whichever is earlier.

Insurance of Loan

Free Personal Accident Insurance up to Rs. 15 lac.

Detailed information can be had from

Oriental Bank of Commerce

Harsha Bhawan, E- Block

Connaught Place, New Delhi –110001

Phone : 91-11-23417121, 23416691, 23415508

Click here to download the form