About Oriental Bank of Commerce - OBC Education Loan
Welcome to Oriental Bank of Commerce - OBC Education Loan Section. Here you will find Interest Rate 2011, Repayment, Terms & Condition, Procudure, Process, Details of Oriental Bank of Commerce - OBC Education Loan.
Oriental Bank of Commerce (OBC) provides Edication Loans to students for Study in India & Studying Abroad.
Items Eligible for Finance:-
- Admission fee/Monthly fee/Examination fee, Books, Stationery & equipments,
- Air fare for joining the course abroad, Boarding & lodging expenses of hostel/boarding houses, where charges are standardised and paid to the Management of the Boarding House. Any other expenses required to complete the course like study tours, project work, thesis etc.
- 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.
Oriental Bank of Commerce - OBC Education Loan Amount:-
Education in India - Max. Rs.10.00 lacs.
Education Abroad - Max. Rs.20.00 lacs.
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/
- Banks deposits (Except under tax saving scheme) etc. . having value at least equal to 100% of loan. Extension of charge on property already mortgaged with our Bank, subject to adequate residual value of security.
- Upto 4 lacs - NIL
- Above 4 lacs for education in India - 5%
- Education Abroad - 15%
Oriental Bank of Commerce - OBC Education Loan Interest Rate:- w.e.f. 01.04.2009
For Loan upto Rs. 4.00 Lacs
PLR - 1.25 = 10.75 % per annum
For Loan above Rs. 4.00 Lacs
PLR - 0.50 = 11.50 % per annum
(0.50% concession in interest for girl student)
The minimum interest on education loans after allowing all concessions, which includes 0.50 concession to girl shall not fall below 10.50% p.a. (for male students) and 10.25% (for female students)
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.
- Process Fee:
- Upto 4 lacs - Rs. 100/-.
- Above 4 lacs for education in India - Rs. 500/-
- Education Abroad - Rs. 1000/-
Oriental Bank of Commerce - OBC Education Loan Repayment:- Within 84 EMIs commencing 12 months after course or 6 months after getting the job, whichever is earlier.