The bank Oriental Bank of Commerce offers education loans for students who want to pursue higher education in India and abroad. This bank was set up on 19th February, 1943 in Lahore. It was founded by the first chairman of the bank Late Rai Bahadur Lala Sohan Lal. Within four years of its establishment, the Oriental Bank of Commerce shifted its base to Amritsar as problems aroused due to partition of India.
Education Bank Loan in India : Oriental Bank Of Commerce
- Student should have nationality Indian and age should be less than 45 years.
- Must take secured admission to standard institutes or universities for the professional or job oriented courses.
For the higher study after completion of schooling
Exposure of expenses:
- Fee payable to Hostel, school or college
- Fees of exam
- Purchase of books and the equipments.
- Passage money or travel expenses for the studies in abroad.
- Buy computers needed for the completion of course.
- Monthly, admission or the examination fee, and fees for purchasing stationary, books & the equipments
- The maximum amount is Rs. 10.00 lakh for those studies in the India
- The maximum amount is Rs. 20.00 lakh for those studies in abroad.
- No margin up to Rs. 4 Lakh
- The margin is 5 percent on the amount above Rs.4 lakh to studies in India
- Margin is 15 percent for studies abroad.
Security for the loan to Rs. 4.00 lakh
For Loans between Rs. 4.0 lakh - Rs.7.5 lakh
- No any collateral security is required
- Co-obligation of guardian or parents is must
Loan amount above Rs.7.5 lakh
- Collateral security does not needed
- Co-obligation of the guardians or parents is must
- Guarantee of third party
- Co-obligation of the guardian or parents is compulsory
- Mortgage of the fixed property or any physical property having cost equal or greater than amount of loan.
Repayment period or moratorium period is one year after completion of the course or 6 months from getting the job, whichever is earlier. After initiating the repayment, the loan is repaid in 5 to 7 years.
New Delhi 110001
Phone No. - (011) 23417121/ 23415508 /23416691