Oriental Bank of Commerce is an India-based public sector bank. It was first established in Lahore but then it shifted its base to Punjab. The bank offers a wide range of banking products and services such as deposit accounts, loans, debit cards, credit cards (with tie up with SBI), Insurance products, ATMs, Internet banking, Mobile Banking, Self-banking halls, call centre, etc.
What is educational loan scheme?
Oriental Bank of Commerce provides financial assistance to students who wish to pursue their higher studies in India and abroad. The interest rates are very affordable with liberal terms and conditions. The basic eligibility criterion for applying for the educational loan scheme is:
- The student should be of Indian nationality.
- The students should have good academic records.
- A student who has insured admission to a higher education course in distinguished institutions in India and Abroad through relevant Entrance Test or selection based on merit process.
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, NID etc.
- Approved courses offered in India by reputed foreign universities
- Evening courses of approved / accredited institutes
- Computer Certificate courses of reputed institutes accredited to the Dept. 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.
- Graduation – For job oriented professional/technical courses offered by reputed universities.
- Post Graduation – Courses like MCA, MBA, MS etc.
- Courses conducted by CIMA-London, CPA in USA etc
- 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.
- For loan up to Rs. 7.50 Lacs – Up to 10 years
- For Loan above Rs. 7.50 Lacs – Up to 15 years
- Moratorium Period/ repayment holiday (course period + Grace period) ( The moratorium period be permitted within the overall repayment period of respective loan)
Expenses covered under the educational loan scheme
- Regular course fees along with charges incurred onboarding/lodging if the candidate opts for accommodation outside the campus.
- Examination fee, Library/Lab fees, Caution deposit, Building fund, Institution bills provided these charges do not exceed 10% of the total tuition fees for the entire course.
- Costs incurred towards purchase of books, equipment, computers, uniforms etc.
- Travel expenses incurred on overseas studies.
- Expenses related to study tours, project work, thesis work etc.
- For loan amount up to Rs.4 lacs, no margin is required. OBC takes care of entire funding of the course on basis of the approved amount.
- For all other amounts above this benchmark, a margin of 5% is applicable for studies in India and 15% for overseas studies.
- The financial impetus in the form of Scholarship/Assistantship can be included by the student in their margin.
- Margin from the student can be brought in at the time of disbursement based on pro rata system and on a year to year basis as per the requirement.
Quantum of Loan Amount
Based on the location of studies, the maximum amount of loan offered by OBC is Rs.10 lacs for courses in India and up to Rs.20 lacs for overseas studies. This quantum ensures maximum funding for your education, with little burden on you.
Nil for study in India
- Rs. 1000 plus service tax, for studies in foreign. It will be refunded once the loan is finished.
- Up to 4 lacs – 12.75%
- From 4 lacs to 7.5 lacs – 13.25% (with third-party guarantee), 12.00% (with immovable collateral security)
- More than 7.5 lacs – 12.00%
- For part-time courses – 12.75%
- Vocational education and training – 12.75%
- For studying in MDI Gurgaon or IMT Ghaziabad – 11.25%
- 5% concession for girl student/SC/ST/Disabled.