Oriental Bank of Commerce Education Loan Interest

Sir I want to take Education Loan from the Oriental Bank of Commerce but I have no idea about its interest rates so please can you give me interest rates for the education loan and also provide me the procedure to apply for the loan?

[Pathak]

Eligibility:

The Student should be an Indian national. The loan is for the Meritorious student who have Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC (10+2 or equivalent).

For applying you have to fill the application form which is available on to the official website.


Interest Rates:
Loan up to Rs.4.00 lac : BR + 2.75% = 13.40%
Above Rs.4.00 Lacs : BR + 3.50% = 14.15%
Education Loan to Serving Professionals / Executives and Defence Personnel for Part-time courses : BR + 3.50% = 14.15%

Hii Buddy , my Sister want to Apply for Getting Education Loan from Oriental Bank of Commerce for Higher studies , for it Will you please provide me Educational Loan Scheme Interest Rated & Other Details ?

[Raman Vij]

Educational Loan Scheme of Oriental Bank of Commerce :

Eligibility For Loan

Student who is / has: -

1. An Indian national.

2. Meritorious student

3. Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC (10+2 or equivalent)

Eligible Courses Studies in India :


1. 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.

2. Courses like I.C.W.A., C.A., C.F.A., etc.

3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.

4. Approved courses offered in India by reputed foreign universities

5. Evening courses of approved / accredited institutes

6. Computer Certificate courses of reputed institutes accredited to the Deptt. of Electronics or Institutes affiliated to Universities.

7. 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

8. Nursing Courses conducted by institutes approved by State / Central Govt./ Regulatory body.


Eligible Courses Studies in Abroad :

1. Graduation

For job-oriented professional/technical courses offered by reputed universities.


2. Post Graduation

Courses like MCA, MBA, MS etc.


3. Courses conducted by CIMA-London, CPA in USA etc


4. 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.


Amount of Loan :

Up to Rs. 10.00 Lacs for studies in India

Up to Rs. 20.00 Lacs for studies abroad

Margin :

Up to Rs. 4.00 Lacs
NIL

Above Rs. 4.00 Lacs

5% For studies in India

15% For studies Abroad


Penal Interest :

2% over the normal rate of interest shall be charged on loan above 4 Lacs on overdue amount for the overdue period.

Process Fee :

For study in India: NIL irrespective of loan limit.

For study abroad: Rs.1000/- +Service tax, if any. However, the fee would be refunded to the student on taking up the course (excluding service tax if paid to Government).


If you want to get More Details about Educational Loan Scheme of Oriental Bank of Commerce, Here I am uploading pdf file , Have a Look:


Educational Loan Scheme Interest Rates of Oriental Bank of Commerce