Oriental Bank of Commerce Education Loan scheme for ISBs students

Education Loan scheme ISBs

CUSTOMIZED EDUCATION LOAN SCHEME FOR STUDENTS OF ISBs Purpose To provide financial support to meritorious students pursuing various courses conducted by ISBs. 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. 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. 25.00 Lacs based on the cost of course. 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 Simple interest will apply during Moratorium period (Study + Grace period of 18 Months after completion of the course or 6 months after getting the job whichever is earlier). Thereafter interest will compound. 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/parent-in-law.OR Personal Guarantee (preferably parent or spouse) 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.