STUDENT LOAN

Student Loans For Studies in India

Student Loans for Studies Abroad


Eligibility for getting A Student Loan

Student Loan Documentation

Student Loans – Realize Your Academic Dreams Read Article

Student Loans : Educational Aid Read Article



Oriental Bank of Commerce STUDENT LOAN Schemes

Purpose :
For higher education(after schooling).
Items eligible for Finance:-
Admission fee/Monthly fee/Examination fee, Books, Stationery & equipments, Air fare for joining the course abroad, Boarding & lodging expenses of hostel/boarding houses, where charges are standardised and paid to the Management of the Boarding House. Any other expenses required to complete the course like study tours, project work, thesis etc.

 

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

Student Loans For Studies in India

Student Loans for Studies Abroad

Documentation Required for Applying for a Student Loan


Eligibility for getting A Student Loan

 

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