Why For/Purpose /Objective:
The loan covers expenses for fee/Monthly fee/Examination fee, Books, Stationery & equipments, Air fare for joining the course abroad, Boarding & lodging expenses of hostel/boarding houses, where charges are standardised and paid to the Management of the Boarding House. Any other expenses required to complete the course like study tours, project work, thesis etc.
Eligibility Criteria
Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions) OR institutes recognized by a statutory body.
Quantum/ Amount of Loan
Studies in India - Maximum Rs.10.00 lacs
Studies abroad - Maximum Rs.20.00 lacs
Margin/ Allowance:
Upto 4 lacs - NIL
Above 4 lacs - for education in India - 5%
Education Abroad - 15%
Rate of Interest :
At competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.
Concession on Rate of Interest: Simple Interest shall be charged during study and moratorium period. The concession of 1% in rate of interest to be allowed, if interest is serviced regularly during the study and moratorium period. This concession shall be allowed after expiry of moratorium.
Special Rate: 0.50% concession to women beneficiaries, SC/STs and disabled students.
Repayment/Tenures:
Within 84 EMIs commencing 12 months after course or 6 months after getting the job, whichever is earlier.
Security:
- Upto Rs.4.00 Lacs – No Collateral Security, Co-obligation of parents/guardian is must.
- Above Rs. 4.00 lacs and upto Rs. 7.50 lacs – No Collateral Security required, Co-obligation of parents/guardian is must and One satisfactory third party guarantee
- Above Rs. 7.50 lacs and upto Rs. 10.00 lacs – Co-obligation of parents/guardian is obligatory and Mortgage of immovable property or any other tangible security like pledge of NSC/UTI/LIC (Surrender Value)/Bonds/
- Banks deposits (Except under tax saving scheme) etc. . having value at least equal to 100% of loan. Extension of charge on property already mortgaged with our Bank, subject to adequate residual value of security
Contact
Delhi Tel: 011- 25822305, 25825836,
Bangalore Tel: 080- 25327393,25322801,
Chennai Tel: 044- 24986487, 24984113,
Hyderabad Tel: 040- 23201298,23204736,
Kolkata Tel: 033- 22427913,22424790,
Mumbai Tel: 022- 26459553.
Website
https://www.obcindia.co.in/obcnew/site/inner.aspx?status=2&menu_id=40
