Oriental Bank of Commerce for Working proffessional

EDUCATION LOAN SCHEME FOR WORKING PROFESSIONALS
Purpose	To provide finance for pursuing Part time professional courses to enhance their career prospects.
Eligibility	1. Indian national 2. Up to 55 years of age 3. Passed at least graduation exam 4. Working as an executive in public/private/ defense enterprises 5. Have secured admission in an approved institution on part-time basis.
Component of finance	1. Admission fee/tuition fee/Examination fee 2. Books & Stationery 3. Equipments
Loan Amount	Rs. 4.00 Lacs (maximum)
Margin	25%
Rate of interest (floating)
Process/ upfront fee	NIL
Penal Interest	2% penal interest over the normal interest rates on the overdue amount for irregular period.
Sanctioning Authority	Branch Manager irrespective of the Scale / Category of branch
Security	1. Personal guarantee of a person acceptable to the bank. 2. Electronic Clearance System (ECS) / standing instructions/Auto Collection Procedure from the operative accounts of the borrower with us, given the mandate to collect the EMI of the borrower.
Repayment	5 years OR up to retirement, whichever is earlier. EMIs shall start one month after disbursement of loan.