Education loan from Oriental Bank of Commerce

• Eligibility for Loan: All Indian nationals who are below 45 years who have secured admission to a recognized course in an approved university are eligible.
• Expenses Covered: The loan covers all expenses including tuition, books, airfare, study tours etc. For accommodation the amount is paid to the management of the boarding house.
• Loan Upper limit: For students pursuing their education abroad, the loan amount is a 15 Lac. This is subject to a 5% margin, i.e. students have to put in this amount themselves.
• Rate of Interest: For a loan of Rs 4 Lac or less, the bank charges an interest of 11.25 percent per annum. For loans above 4 Lac, the rate of interest is 12% per annum.
• Repayment Period: The student gets a holiday period for a year after they finish their course or six months after they find a job, following which the loan is to be paid over 84 EMI’s.
• Security: Up to Rs 4 Lac-co-obligation of guardian is a must. Up to Rs 7.5 Lac a third party guarantee is also needed. Up to 15 Lac, security/assets equal to 100% loan amount.