Oriental Bank of Commerce Education Loan scheme IIMs IITs XLRIs

Education Loan scheme IIMs IITs XLRIs

CUSTOMIZED EDUCATION LOAN SCHEME IIMs, IITs & XLRIs Purpose To provide financial support to meritorious students pursuing various courses conducted by IIMs, IITs & XLRI. Eligibility An Indian National Secured admission through normal selection process on merit (excluding management quota). More than 1 member of the same family can be allowed loan, if eligible, as per scheme. Eligible Courses All regular courses conducted by these institutions excluding specific part-time courses. Component of Finance Fee payable to institution along with reasonable lodging & Boarding charges. Examination, Library, Laboratory fee etc. Caution money deposit subject to 10% of tuition fee (maximum). Purchase of computer/essential equipments/books/uniform etc subject to 20% of tuition fee. Insurance premium of student borrower if applicable or obtained. Any other expenses duly approved by the institution, required to complete the course like Study tours, Project work, Thesis etc subject to 20% of tuition fee. Amount of loan Up to Rs. 20 Lacs. Margin NIL     Application of Interest & Its service Simple interest will apply during Moratorium period (Study + Grace period). Thereafter interest will compound. In view of rate of interest charged in the account at Base Rate, as such, the 1% concession in ROI allowed on account of service of monthly interest during moratorium period is stand withdrawn. Further 0.50% concession for girl students is also withdrawn for subject customized scheme only. Penal Interest 2% over the normal rate of interest shall be charged on irregular amount and for the irregular period. Process / Documentation/ Upfront / Prepayment Penalty Fee NIL Security Parents/Guardian to be joint borrower irrespective of their financial net-worth and age of student and/or co-obligations of spouse/parent-in-law. Assignment of future income of the student after getting employment for the payment of future loan installments (an appropriate affidavit to this affect be obtained from student and co-borrowers.) Collateral Security NIL Repayment Period For loans upto Rs. 7.50 Lacs - upto 10 yrs. For loans above Rs.7.50 Lacs - upto 15 yrs. List of Eligible Institutions under the scheme Indian Institute of Technology (IIT) Indian Institute of Management (IIM) Other IIT-Delhi IIM- Ahmedabad XLRI IIT- Guwahati IIM- Bangalore IIT- Kanpur IIM- Calcutta IIT- Kharagpur IIM- Indore IIT- Madras IIM- Kozhikode IIT- Mumbai IIM- Lucknow IIT- Roorkee IIM- Shillong IIT- Varanasi IIM- Rohtak IIT- Bhubaneswar IIM- Ranchi IIT- Gandhinagar IIM- Raipur IIT- Hyderabad IIM- Tiruchirappali IIT- Indore IIM- Udaipur IIT- Patna IIM- Kashipur IIT- Jodhpur IIT- Ropar IIT- Mandi