Oriental Bank of Commerce Education Loan for India and Abroad Studies

Students can get study loans at a floating rate of interest that ranges from 7.30% to 9.30% p.a. The applicable interest rate depends upon the student’s profile and the college.

FOR Oriental Bank of Commerce study loans, there is no margin money for the education loans up to INR 4 Lakhs. For the loan amount of more than INR 4 Lakhs, the margin money is up to 15% for abroad education and 5% for study in Indian colleges.

The bank can sanction up to INR 10 Lakhs for studies in India and up to INR 20 Lakhs for abroad studies.

Repayment of OBC Bank study loan can be started either after the course completion. The loan repayment period can be up to 15 years.

• If the loan amount is below INR 4 Lakhs, students do not have to pledge any form of collateral or security. Parents have to be a co-applicant and it would suffice.
• For loans between INR 4 Lakhs and INR 7.5 Lakhs, a third-party co-applicant is mandatory along with the parents.
• If the loan amount is more than INR 7.5 Lakhs, the parents or guardian can be the co-applicant along with collateral security of suitable value is mandatory to assure the repayment of the loan.

• Address proof: passport, voter ID, electricity bill, etc.
• Academic record: 10th/12th mark sheet for undergrad students and graduation degree & mark sheet for PG students.
• Age proof
• Community certificate
• Family income proof: ITR, salary certificate, pension certificate of parent/guardian.
• Admission certificate or I20 from the college/university
• Fee details
• Collateral documents (if applicable): LIC policy, valuation certificate, registry documents, etc.
• An affidavit declaring that no study loan is availed from any other bank by the student and his/her parent.

Read more about: Documents Required for Education Loan