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