Oriental Education Loan Scheme For Vocational Education & Training

Oriental Education Loan Scheme For Vocational Education & Training

Purpose	The scheme aims at providing financial support to students for pursuing employment oriented skill development courses with affordable terms and conditions.
Eligibility for Loan	Student who is / has:- 1. An Indian National 2. Minimum qualification, as required by the Institution/ Organization running the courses eligible under the scheme. 3. Secured admission in courses run or supported by Central/ State Govt. institutions i.e. National Skill Development Corporation or State Skill Missions / State Skill Corporations leading to certificate / diploma / degree etc.
Eligible Courses	Vocational / Skill development courses of duration from 2 months to 3 years leading to certificate / diploma offered by a recognized State / Central Govt. institution or Statutory / technical body or training department of Govt. etc.
Components of Finance	1. Tuition / course fee. 2. Examination / Library / Laboratory fee. 3. Caution Deposit 4. Purchase of books, equipments and instruments 5. Any other reasonable expenditure found necessary for completion of the course (Local Boarding/ Lodging expenses are not necessary to finance and may be considered only on merits). 6. Life Insurance premium of the student, if insurance cover is obtained by him/her.
Loan Amount	For courses of duration upto 3 months - Rs. 20,000/- For courses of duration above 3 months & upto 6 months - Rs. 50,000/- Courses of duration above 6 months upto 1 year - Rs. 75,000/- For courses of duration above 1 year - Rs. 1,50,000/-
Security	1. No collateral or third party guarantee. 2. Parents / guardian to be joint borrower (s) (irrespective of their means and age of student). 3. Co-obligation of spouse/ parents-in-law in case of married women.
Margin	NIL
Processing Charges	NIL
Prepayment Penalty	NIL
Moratorium Period	Upon completion of course, repayment will start after the moratorium period as under: For courses of duration upto 1 year- 6 months from the completion of course. For courses of duration above 1 year- 12 months from the completion of course.
Repayment	Loan upto Rs. 50000 - Upto 2 yrs. Loan above Rs. 50000 and upto Rs. 1.00 Lac - In 2 to 5 yrs. Loan above Rs. 1.00 Lac - In 3 to 7 yrs.