Oriental Bank of Commerce Education Loan for India and Abroad Studies

Every student needs a quality education to lead a successful career and life. Unfortunately, such a study comes at an expense that not everyone who deserves it can bear. That's where education loans come into play.

Oriental Bank of Commerce (OBC) education loans become an option for students, when it comes to providing education loans at competitive interest rates. One of the top public sector banks in India, OBC Bank holds a vast network of branches all over the country. OBC Bank education loans are available for students pursuing higher education at top-tier institutions, covering a range of courses across multiple disciplines in India and abroad. Study loans from OBC Bank offer flexible repayment options, with the repayment period starting after the completion of the course. This ensures students can focus on their academic goals without the stress of arranging funds to cover their educational expenses. Education loan schemes of OBC Bank cover all costs such as college fees, hostel fees, books, equipment fees, travel money, etc for abroad studies.

 In this blog, we will take you through all the features, requirements, and benefits of an OBC Bank education loan. So, let's start.

Oriental Bank of Commerce Education Loan Overview

OBC Education Loan Interest Rate

Students can get study loans at a floating rate of interest that ranges from 7.30% to 9.30% p.a. The students can avail of the benefits of lower interest rates offered under the OBC education loan. The lower OBC education loan interest rates allow students to save a lot since even a 1% reduction in interest rates can make a vast difference in actual repayment, reducing the overall repayment costs. However, the applicable interest rates depend on the profile of the student and the university of enrollment. 

Margin Money on the OBC Bank education loan

FOR Oriental Bank of Commerce study loans, there is no margin money for education loans up to INR 4 Lakhs. For the loan amount of more than INR 4 Lakhs, the margin money is up to 15% for abroad education and 5% for the students enrolled in colleges and universities in India. 

Security Requirements for OBC Education Loan

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  If the loan amount is below INR 7.5 Lakhs, students do not have to pledge any form of collateral or security. Parents have to be a co-applicant and it would suffice to secure an Oriental Bank education loan.
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  If the loan amount is more than INR 7.5 Lakhs, the parents or guardian can be the co-applicant along with 100% collateral security which is equal to the loan amount sanctioned. 

Documents Required for OBC Student Loan

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  Address proof: passport, voter ID, electricity bill, etc.
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  Academic transcripts
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  Proof of age
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  Community certificate
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  Family income proof: ITR, salary certificate, pension certificate of parent/guardian.
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  Admission certificate or I20 from the college/university
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  Fee structure 
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  Collateral documents: LIC policy, valuation certificate, registry documents, etc.
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  An affidavit declaring that no study loan is availed from any other bank by the student and his/her parent.

Read more about: Documents Required for Education Loan

Benefits Of Oriental Bank Of Commerce Education Loan 

You can avail numerous benefits with the Oriental Bank of Commerce Education Loan. Below are some of the key advantages.

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  Lower interest rates - OBC education loan interest rates are comparatively lower and offer interest rebates of up to 50 basis points for female students. Moreover, those students who are enrolled in premier institutes also get the advantage of lower interest rates.

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  Collateral-free education loans - Students can secure a collateral-free education loan of up to INR 7.5 lakhs. However, higher loan amounts require security.

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  Repayment Flexibility & Moratorium Period - You can start repayment of your loan once you complete your course. Moreover, under Oriental Bank education loan, a moratorium period of 1 year is being offered to students, ensuring they can focus on their academic goals. 

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  Wide Coverage - The loan amount covers a wide range of education-related expenses, including tuition fees, hostel charges, exam fees, travel expenses, books, study materials, and even laptops as per the course requirement. 

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  Tax Benefits Under Section 80E - Under Section 80E of the Income Tax Act, students can claim tax deductions on the interest paid by them for the education loan. 

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  Other benefits - Under Oriental Bank education loans, there are no hidden charges or administrative fees. Moreover, there is little paperwork required with no processing fee charged by them. 

How To Apply For The OBC Education Loan?

Follow the below-mentioned steps to apply for an Oriental Bank education loan. 

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  Check your eligibility for an education loan OBC and gather important documents.
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  Visit the nearest branch and collect the loan application form. Fill out the application carefully, attach all the required documents, and submit your loan application.
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  To apply online, visit the official website of the bank. Navigate to the education loan page. Click on the “Apply Now” option to fill out the application form.

Get in touch with GyanDhan if you are also looking for an education loan to study abroad, from public sector banks, private banks, or NBFCs. We have a tie-up with top financial lenders in India in order to provide students with the best deal on education loans. For both secured and unsecured education loans, you can check your loan eligibility and verify whether you qualify for an education loan. If you are eligible, our education loan counselor will contact you to understand your requirements in detail and will suggest the best loan options for you. We leverage our partnership with banks and help you throughout the process.

Our loan assistance service is totally free- we do not charge any money from the students! So, Connect with GyanDhan and we will make your loan process easy!

Read Also:

• 
  SBI Education Loan 
• 
  BOB Education Loan
• 
  ICICI Education Loan
• 
  Axis Bank Education Loan
• 
  HDFC Credila Education

Frequently Asked Questions