Oriental Bank of Commerce Education Loan for Study Abroad 

Students who aim to pursue higher education from a reputed university abroad realize that the process isn’t as easy as it seems. Sometimes, deserving candidates also fail to continue their higher education journey due to the higher expenses involved in the process. This is where education loans will undoubtedly prove extremely beneficial for them. The Oriental Bank of Commerce Education Loan is one of the best options for students who are looking for education loans at an extremely competitive rate. 

One of the most eye-catching things about OBC Bank is that they have extensive network connections. You can use the OBC education loan to pursue your higher education abroad while also leveraging the benefit of flexible payment options. The repayment period is also eye-catching for the students so that they can repay the borrowed amount without any problem.

Maximum Amount of LoanFor elite institutions: 20 Lakh INROther institutions: 10 Lakh INR
Loan Period 15 years
Interest Rate7.30% – 9.30%
Repayment PeriodStudents need to be an Indian citizen and be accepted to the technical courses or professional courses 
EligibilityStudents need to be an Indian citizen and be accepted to the technical courses or professional courses 

Required Documents 

This is one of the most important things you need to know about the Oriental Bank of Commerce education loan. Here are the essential documents you need to provide:

  • Make sure you present proof of address such as voter ID, passport, utility bills, etc
  • You need to showcase income proof of your family such as pension valuation certificate, ITR, etc
  • You need to present your academic records such as the 10th and 12th mark sheets. If you’re applying for a master’s degree, a UG certificate is a must
  • Don’t forget to provide your collateral documents such as registry documents, insurance company policy, etc
  • Age proof 
  • An affidavit 
  • Fees details 

What Type of Security Do You Need to Provide?

This is another important thing you need to know about Oriental Bank of Commerce education loans. Make sure you know the type of security that you need to provide so that you don’t face any problems while applying for an education loan. 

  • If the loan amount is less than INR 4 Lakh, students don’t need to pledge any type of security or collateral
  • When the loan amount is between INR 4 Lakh and INR 7.5 Lakh, you need to consider a third-party co-applicant 
  • When the loan amount is over INR 7.5 Lakh, parents need to be co-applicants while also choosing a sufficient amount as collateral. 

Advantages of Oriental Bank of Commerce Education Loan 

Some of the most eye-catching advantages of the Oriental Bank of Commerce education loan are:

  • You will be able to leverage the benefits of low-interest rates. As the interest rates are lower, you won’t need to worry about the amount accumulated during repayment
  • Not only the bank doesn’t require any processing fees but also the paperwork is lower
  • You don’t need to worry about any administrative fees or hidden costs 
  • Female students can receive 0.50% of discounts 

The Process to Apply for OBC Education Loan

Here are the steps you need to keep in mind if you want to apply for the OBC education loan. Don’t forget to pay close attention to these steps. 

  • You can apply for the OBC education loan through offline mode. All you need to do is visit the local branch, fill the application form out, and submit it along with the necessary documents. 
  • You can also apply for an education loan from the official website of the bank. Make sure you choose the appropriate courses before you click on the ‘Apply Now’ button. 

FAQs

Q1. Can I get a 100% loan to study abroad?

A. Getting a 100% loan for study abroad is completely possible. But it depends on the university you’re choosing and the bank itself. 

Q2. Can I get a visa if I have a loan?

A. Once the loan has been sanctioned successfully, you will be able to apply for a visa using the application form of the bank.

Q3. Can I get an education loan without my parents?

A. Yes, you can receive an education loan without any parents. However, you need to make sure that you have a primary co-applicant. 

This is everything you need to know about the Oriental Bank of Commerce education loan for studying abroad. If you have queries regarding loan applications, money transfers, and others, make sure you contact Fly Finance

About Biprojit Chakraborty

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