Oriental Bank of Commerce Education Loan Scheme For MDI, Gurgaon & IMT Ghaziabad

CUSTOMIZED EDUCATION LOAN SCHEME FOR STUDENTS OF MDI, GURGAON & IMT, GHAZIABAD
Purpose	To provide financial support to meritorious students pursuing various courses conducted by conducted by MDI, Gurgaon & IMT, Ghaziabad. The courses conducted by these institutions for working executives will also be covered under this customized scheme.
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 including specific part-time courses with duration of 1 year & above.
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. 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. 20.00 Lacs
Margin	5%. Any scholarship available to student can be utilized/treated as margin. The margin can be brought upfront or on year-to-year prorate basis.
Application of Interest & Its service	1. 0.50% concession in rate of interest for girl student. 2. Simple interest will apply during Moratorium period (Study + Grace period). Thereafter interest will be compounded.
Penal Interest	2% over the normal rate of interest shall be charged on irregular amount and for the irregular period.
Process/ Upfront/ Documentation/ / 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/parents-in-law. Assignment of future income of the student after getting employment for the payment of future loan installments (an appropriate affidavit to this effect 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.