The bank Oriental Bank of Commerce provides student loans for students who wishes 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. If you want to know more about student loans from Oriental Bank of Commerce scroll down the page.

Student Loans – Eligibility

Candidates applying for the Oriental Bank of Commerce student 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 prestigious programmes, which are approved by recognized bodies.

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

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

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

There is no margin for student loans up to Rs.4 lakhs. For student loans above Rs.4 lakhs, 5% and 15% are the margins stated for India and abroad respectively.

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