Education Loans from Oriental Bank of Commerce
Established in 1943 with its base in Lahore, The Oriental Bank of Commerce came up due to the efforts of Late Rai Bahadur Lala Sohan Lal, who became the first chairman of the bank. However its base had to be shifted to Amritsar due to the partition problems which arose after 4 years of the establshment of the bank. This bank offers education loans for students who want to pursue higher education in India and abroad.
Certain criteria have to be fulfilled to get the loan sanctioned from the bank.
Only Indian Nationals below forty five years of age are eligible to apply for loan.
Only admission to the recognized courses approved by recognized bodies are considered appropriate for application of loan.
Courses Eligible for Oriental Bank of Commerce Student Loan
All courses whether at the level of undergraduate, postgraduate, doctorate, professional or technical levels are considered for loan.
Amount of loan
The maximum amount of loan offered for education in India is Rs. 10 lacs while the maximum amount of loan offered for study in foreign institutes and universities is Rs. 20 lacs.
Co-obligation of guardian or parents is essential for loan amount upto Rs. 4lacs. If the loan amount is between Rs. 4lacs and Rs. 7.50 lacs, a third party guarantee is required apart from co-obligation of either parents or guardians. For loans more than Rs. 7.50 lacs, mortgage of immovable property or other security (tangible) is required.
There is no margin for education loans up to Rs. 4 lacs. For education loans above Rs. 4 lacs, 5% and 15% are the margins stated for India and abroad respectively.
The education loan amount is to be repaid to the bank within 84 EMIs, the repayment period starting either after six months of getting a job or after one year completion of the course, whichever, seems to be earlier.
In order to learn more about education loans from Oriental Bank of Commerce browse through Oriental Bank of Commerce