The bank Oriental Bank of Commerce offers education loans for students who want to pursue higher education in India and abroad. This bank was set up on 19th February, 1943 in Lahore. It was founded by the first chairman of the bank Late Rai Bahadur Lala Sohan Lal. Within four years of its establishment, the Oriental Bank of Commerce shifted its base to Amritsar as problems aroused due to partition of IndiaThe bank Oriental Bank of Commerce offers education loans for students who want to pursue higher education in India and abroad. This bank was set up on 19th February, 1943 in Lahore. It was founded by the first chairman of the bank Late Rai Bahadur Lala Sohan Lal. Within four years of its establishment, the Oriental Bank of Commerce shifted its base to Amritsar as problems aroused due to partition of India.

Candidates applying for the Oriental Bank of Commerce education loan should be Indian Nationals and not more than forty five years of age. An applicant will be considered eligible if he takes admission into the recognized courses, which are approved by recognized bodies.

Courses Eligible for Oriental Bank of Commerce Student Loan

The various courses eligible for the Oriental Bank of Commerce education loan are undergraduate, postgraduate, doctorate, professional and technical courses.

Amount of loan

The maximum amount of loan offered for education in India is Rs.10 lacs. Students taking admission in foreign institutes and universities may apply for a maximum loan amount of Rs.20 lacs.

Security

No collateral security is required for education loans up to Rs.4 lacs but co-obligation of guardian or parents is essential. For loans above Rs. 4lacs and up to Rs. 7.50 lacs no collateral security is required for approval. However, co-obligation of either parents or guardians and one third party guarantee is required for the loan. For loans more than Rs.7.50 lacs, mortgage of immovable property or other security (tangible) is required.

Margin

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.

Repayment

The education loans from Oriental Bank of Commerce should be returned within 84 EMIs. The repayment commences either after six months of getting a job or after one year completion of the course, whichever, seems to be earlier.