Oriental Bank of Commerce
Purpose: To provide financial assistance for higher education
Eligibility:
Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions).
Amount of Loan:
Education in India - Max. Rs.7.50 lakhs.
Education Abroad - Max. Rs.15.00 lakhs.
Security:
For Loans up to Rs.4.00 lakhs
- No Collateral Security
- Co-obligation of parents/guardian if student is minor.
For Loans above 4 lakhs and up to Rs.7.50 lakhs
- No Collateral Security required,
- Co-obligation of parents/guardian
- One satisfactory third party guarantee
Above Rs.7.50 lakhs
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 etc. having value at least equal to 100% of loan. Extension of charge on property already mortgaged subject to adequate residual value of security.
Co-obligations of parents is must for loans to students studying abroad irrespective of the amount of loan/age of the borrower.
Margin:
Up to 4 lakhs - NIL
Above 4 lakhs for education in India - 5%
Education Abroad - 15%
Rate of Interest:
10% per annum
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