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ORIENTAL BANK OF COMMERCE

ELIGIBILTY

Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions) OR institutes recognized by a statutory body.
AMOUNT 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 is must.
For Loans above 4 lacs and upto Rs.7.50 lacs
No Collateral Security required,
Co-obligation of parents/guardian is must
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/ Bank's deposits (Except under tax saving scheme) etc. . having value at least equal to 100% of loan. Extension of charge on property already mortgaged subject to adequate residual value of security
MARGIN
Upto 4 lacs - NIL
Above 4 lacs for education in India - 5%
Education Abroad - 15%
CONCESSION ON RATE OF INTEREST
Simple Interest shall be charged during study and moratorium period. The concession of 1% in rate of interest to be allowed, if interest is serviced regularly during the study and moratorium period. This concession shall be allowed after expiry of moratorium.
SPECIAL RATE
0.50% concession to women beneficiaries, SC/STs and disabled students.
REPAYEMENT
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.

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