Oriental bank of Commerce

Oriental bank of Commerce’s Education Loan for Vocational Courses

Objective of the Scheme:

Oriental Education Loan Scheme for Vocational Education & Training. The scheme aims at providing financial support to students for pursuing employment oriented skill development courses with affordable terms and conditions.

Eligibility of the Student:

  • An Indian National
  • Minimum qualification, as required by the Institution / Organization running the courses eligible under the scheme.
  • Secured admission in courses run or supported by Central / State Govt. institutions i.e. National Skill Development Corporation or State Skill Missions / State Skill Corporations leading to certificate / diploma / degree etc.

Eligible Courses:

Vocational / Skill development courses of duration from 2 months to 3 years leading to certificate / diploma offered by a recognized State / Central Govt. institution or Statutory / technical body or training department of Govt. etc.

Liability of Finance :

Expenses allotted for the Loan :

  • Tuition / course fee.
  • Examination / Library / Laboratory fee.
  • Caution Deposit
  • Purchase of books, equipments and instruments
  • Any other reasonable expenditure found necessary for completion of the course ( Local Boarding / Lodging expenses are not necessary to finance and may be considered only on merits ).
  • Life Insurance premium of the student, if insurance cover is obtained by him / her.

Quantum of Finance :

  • For courses of duration Upto 3 months   -  Rs. 20,000/-
  • For courses of duration above 3 months & Upto 6 months     -  Rs. 50,000/-
  • Courses of duration above 6 months Upto 1 year  -  Rs. 75,000/-
  • For courses of duration above 1 year      -  Rs. 1,50,000/-

Margin : NIL

Moratorium :

  • Upon completion of course, repayment will start after the moratorium period as under:
  • For courses of duration Upto 1 year- 6 months from the completion of course.
  • For courses of duration above 1 year- 12 months from the completion of course.

Processing Charges : NIL

Rate of  Interest :

1% concession in rate of interest is allowed for regular monthly servicing of interest during moratorium period and this concession shall be allowed only after expiry of the moratorium period

Repayment Period of the Loan :

  • Loan Upto Rs. 50000  -  Upto 2 yrs.
  • Loan above Rs. 50000 and Upto Rs. 1.00 Lac   -  In 2 to 5 yrs.
  • Loan above Rs. 1.00 Lac - In 3 to 7 yrs.

For more Details, Kindly refer the following link :

https://www.obcindia.co.in/obcnew/site/inner.aspx?status=3&menu_id=255

Oriental bank of Commerce’s Customized Education Loan Scheme for Students of IIMs, IITs & XLRIs

Objective of the Scheme :

To provide financial support to meritorious students pursuing various courses conducted by IIMs, IITs & XLRI.

Eligibility of the Student  :

  • An Indian National
  • Secured admission through normal selection process on merit ( excluding management quota ).
  • More than 1 member of the same family can be allowed loan, if eligible, as per scheme.

Eligible Courses :

All regular courses conducted by these institutions excluding specific part-time courses.

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to institution along with reasonable lodging & Boarding charges.
  • Examination, Library, Laboratory fee etc.
  • Caution money deposit subject to 10% of tuition fee ( maximum ).
  • Purchase of computer / essential equipments / books / uniform etc subject to 20% of tuition fee.
  • Insurance premium of student borrower if applicable or obtained.
  • Any other expenses duly approved by the institution, required to complete the course like Study tours, Project work, Thesis etc subject to 20% of tuition fee.

Quantum of Finance : Up to Rs. 20 Lacs.

Margin : NIL

Processing Fee / Mortgage Charges : NIL

Rate of Interest :

  • Simple interest will apply during Moratorium period ( Study + Grace period ). Thereafter interest will compound.
  • In view of rate of interest charged in the account at Base Rate, as such, the 1% concession in ROI allowed on account of service of monthly interest during moratorium period is stand withdrawn.
  • Further 0.50% concession for girl students is also withdrawn for subject customized scheme only.

Repayment Period of the Loan :

  • For loans upto Rs. 7.50 Lacs - upto 10 yrs.
  • For loans above Rs.7.50 Lacs - upto 15 yrs.

For more Details, Kindly refer the following link :

https://www.obcindia.co.in/obcnew/site/inner.aspx?status=4&menu_id=66

 

Oriental bank of Commerce’s Education Loan

Objective of the Scheme:

To provide financial support to meritorious students for pursuing higher studies in India & abroad with affordable terms & conditions.

Eligibility of the Student:

Student who is / has: -

  • An Indian national.
  • Meritorious student
  • Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC ( 10+2 or equivalent )

Studies in India :

  • Approved courses leading to Graduate / Post Graduate degree and Post Graduate diplomas conducted by recognized Colleges / Universities approved / accredited by Government of India / State Government / UGC / Government /AICTE /AIBMS / ICMR or Regulatory bodies.
  • Courses like I.C.W.A., C.A., C.F.A., etc.
  • Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
  • Approved courses offered in India by reputed foreign universities
  • Evening courses of approved / accredited institutes
  • Computer Certificate courses of reputed institutes accredited to the Deptt. of Electronics or Institutes affiliated to Universities.
  • Regular Degree / diploma courses like Aeronautical, Pilot training, Shipping etc. approved by Director General Of civil Aviation / shipping, if the course is pursued in India
  • Nursing Courses conducted by institutes approved by State / Central Govt./ Regulatory body.

Studies over a Wide Area :

1. Graduation

For job-oriented professional/technical courses offered by reputed universities.

2. Post Graduation

Courses like MCA, MBA, MS etc.

3. Courses conducted by CIMA-London, CPA in USA etc

4. Degree / Diploma

Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India/ abroad for the purpose of employment in India and abroad.

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to college / school / hostel ( lodging and boarding ). Reasonable Lodging & Boarding charges will be considered in case the student chooses / is required to opt for outside accommodation.
  • Examination / Library / Laboratory fee.
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
  • Travel expenses / passage money for studies abroad.
  • Purchase of computers-essential for completion of the course
  • Purchase of books / equipments / instruments / uniforms
  • Any other expenses required to complete the course-like study tours, project work, thesis, etc

Quantum of Finance :

  • Up to Rs. 10.00 Lacs for studies in India
  • Up to Rs. 20.00 Lacs for studies abroad

Margin :

Up to Rs. 4.00 Lacs : NIL

Above Rs. 4.00 Lacs

  • 5% For studies in India
  • 15% For studies Abroad

Processing Fee / Mortgage Charges :

For study in India: NIL irrespective of loan limit.

For study abroad: Rs.1000/- +Service tax, if any. However, the fee would be refunded to the student on taking up the course ( excluding service tax if paid to Government ).

Rate of Interest :

Loan up to Rs. 4.00  Lacs

BR + 2.50%    =   12.75%

Above Rs.4.00 Lacs & Upto Rs.7.50 Lacs                                

BR + 3.00%    =   13.25%

Above Rs.7.50 Lacs

BR + 2.50%    =   12.75%

Repayment Period of the Loan:

  • For loan upto Rs. 7.50 Lacs - Upto 10 years
  • For Loan above Rs. 7.50 Lacs - Upto 15 years

For more Details, Kindly refer the following link :

https://www.obcindia.co.in/obcnew/site/inner.aspx?status=4&menu_id=65

Oriental bank of Commerce’s Customized Education Loan Scheme for Students of ISBs

Objective of the Scheme:

To provide financial support to meritorious students pursuing various courses conducted by ISBs.

Eligibility of the Student:

  • An Indian National
  • Secured admission through normal selection process on merit ( excluding management quota ).
  • More than 1 member of the same family can be allowed loan, if eligible, as per scheme.

Eligible Courses:

  • All regular courses conducted by these institutions excluding specific part-time courses.
  • Component of Finance
  • Fee payable to institution along with reasonable lodging & Boarding charges.
  • Examination, Library, Laboratory fee etc.
  • Caution money deposit subject to 10% of tuition fee ( maximum ).
  • Purchase of computer / essential equipments / books / uniform etc subject to 20% of tuition fee.
  • Insurance premium of student borrower if applicable or obtained.
  • Any other expenses duly approved by the institution, required to complete the course like Study tours, Project work, Thesis etc subject to 20% of tuition fee.

Liability of Finance:

Quantum of Finance:

Up to Rs. 25.00 Lacs based on the cost of course.

Margin :

  • 5%.
  • Any scholarship available to student can be utilized / treated as margin. The margin can be brought upfront or on year-to-year prorate basis.

Processing Fee / Mortgage Charges: NIL

Rate of Interest:

  • Simple interest will apply during Moratorium period ( Study + Grace period ). Thereafter interest will compound.
  • In view of rate of interest charged in the account at Base Rate, as such, the 1% concession in ROI allowed on account of service of monthly interest during moratorium period is stand withdrawn.
  • Further 0.50% concession for girl students is also withdrawn for subject customized scheme only.

Repayment Period of the Loan :

  • For loans Upto Rs. 7.50 Lacs - upto 10 yrs.
  • For loans above Rs.7.50 Lacs - upto 15 yrs.

For more Details, Kindly refer the following link :

https://www.obcindia.co.in/obcnew/site/inner.aspx?status=4&menu_id=67

Oriental bank of Commerce’s Education Loan for Working professional

Objective of the Scheme :

Oriental bank of Commerce provides finance for pursuing Part time professional courses to enhance their career prospects.

Eligibility of the Student  :

  • Indian national
  • Up to 55 years of age
  • Passed at least graduation exam
  • Working as an executive in public/private/ defense enterprises
  • Have secured admission in an approved institution on part-time basis.

Liability of Finance :

Expenses allotted for the Loan :

  • Admission fee / tuition fee / Examination fee
  • Books & Stationery
  • Equipments

Quantum of Finance :

Rs. 4.00 Lacs ( maximum )

Margin : 25%

Moratorium : NIL

Processing Fee / Mortgage Charges : NIL

Rate of Interest :

BR + 2.50%     =  12.75%

Repayment Period of the Loan :

5 years OR up to retirement, whichever is earlier. EMIs shall start one month after disbursement of loan.

For more Details, Kindly refer the following link :

https://www.obcindia.co.in/obcnew/site/inner.aspx?status=4&menu_id=69

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