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The applicant should be an Indian National
The applicant should have been selected for a professional / technical course, in graduation programme, degree or diploma in a college, university or institute approved by UGC / ICMR / AIBMS / AICTE etc.
The applicant should have secured admission to a job oriented course such as MS, MBA, MCA etc. in a recognized foreign university.

Identity proof
Admission letter of college, institute or university (in India or abroad)
Brochure stating the course fee charged by the institute

Course Eligible for Education Loan from Oriental Bank of Commerce:
In India:

Graduate, Post Graduate degree and Diploma from recognised colleges/universities approved/recognised by state/central government or a competent authority such as AICTE /AIBMS / ICMR or Regulatory bodies.
Courses/Programs conducted by national institutes such as IIMs, IITs, IISc, XLRI, NIFT etc.
I.C.W.A, C.A, C.F.A are also eligible.
Evening courses from accredited institutions. Courses from recognised foreign institutes in India.
Computer certificate courses of reputed institutes and degree/diploma such as Aeronautical, Pilot training, Shipping approved by the competent authority.
Job oriented courses will also be considered.

Minimum - Rs. 50,000
Maximum upto Rs. 75 lakhs* for studies in India or Abroad
The loan will cover tuition fees, hostel charges (if any), cost of books, etc.
*The quantum of Loan can be determined, subject to eligibility and cost, for case-to-case approval.

For loans up to Rs.7.50 lakh: Up to 10 years, in EMI (Loan + Int. accrued together), after moratorium
For loan above Rs.7.50 lakh: Up to 15 years, in EMI (Loan + Int. accrued together), after moratorium
Moratorium: Course Period + 1 Year or 6 months after getting job, whichever is earlier                                                                        

Repayment Period (EMIs) 5 years

No margin on loans upto Rs. 4,00,000
5% margin on loans above Rs. 4,00,000 for studies within India
15% margin on loans above Rs. 4,00,000 for studies overseas

Up to Rs. 4.00 lakh: Clean, Parents to be co-borrowers
Above Rs.4.00 lakh and below Rs.7.50 lakh: No Collateral except Satisfactory third party guarantee
Above Rs.7.50 lakh: Collateral equivalent to quantum of finance after providing requisite margin


Interest rate concession
0.25% concession for Mahasaraswati accounts for 3 years
0.50% concession for girl students
0.50% concession to our existing Housing Loan borrower
0.50% concession – for students getting admission in top rated Premier Institutions (list be made available)
Concession offered on providing additional guarantor for educational loans between Rs.4 Lakh to Rs 7.5 Lakh -0.25%
*Over all Maximum concession of 0.5% allowed

Central Government Interest Subsidy Scheme for Economically Weaker Section for Education Loans

Government of India, Ministry of HRD vide letter no. F. 11-4/2010 – U.5(i) dated 25th May 2010 have formulated a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier. This scheme is available for loans taken by students belonging to economically weaker sections (EWS) (where annual parental income from all sources is up to and inclusive of `4.5 lakhs)
under the IBA approved Model Educational Loan Scheme, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India.

Expenses Considered for Oriental Bank of Commerce Education Loan:
Regular course fees along with charges incurred on boarding/lodging if the candidate opts for outside accommodation.
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, etc.

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