Oriental Bank of Commerce education loans have interest rates that start at 7.30% p.a. These rates are pegged to the Repo Linked Lending Rate (RLLR). The loan repayment tenure can extend up to 15 years. There are a wide range of education loan schemes for different demographics. There is interest concession for women students of up to 0.50% of the interest rate. There is no processing fee for studies in India. There is a moratorium period during which simple interest is calculated after which the interest is calculated on a compounding basis. Oriental Bank of Commerce is now merged with Punjab National Bank.
Oriental Bank of Commerce Education Loan Interest Rates
| Schemes | Maximum Loan Amount | Interest Rates |
| Study in India and Abroad | Category A Institutions: No upper limit Category B institutions: Up to Rs.10 lakh | 7.30% to 9.30% p.a.* |
| Working Professionals | Category A institutions: As per fee structure Category B institutions: Up to Rs.10 lakh | 7.30% to 9.30% p.a.* |
| Skill Loan | Up to Rs.1.50 lakh | 8.80% p.a. |
*Interest rate concession of 50% for women students, disabled students, and SC/ST category (for either one factor)
Compare Oriental Bank of Commerce Education Loan Schemes for Students
1. Study in India and Abroad
- Interest rate: 7.30% to 9.30% p.a.
- Processing fee:
- For study in India: Nil
- For study abroad:
- For loans below Rs.4 lakh: Nil
- For loans above Rs.4 lakh: 1% of loan amount, minimum of Rs.10,000 + taxes
- Collateral:
- Loans up to Rs.7.5 lakh: No collateral security
- Loans above Rs.7.5 lakh: 100% tangible collateral equivalent in value to the loan amount
- Loan tenure: Up to 15 years
- Eligibility: Indian nationals, meritorious students, and admission thorough entrance or merit-based test
2. Working Professionals Loan
- Interest rate: 7.30% to 9.30% p.a.
- Collateral:
- Loans up to Rs.7.5 lakh: No collateral security
- Loans above Rs.7.5 lakh: 100% tangible collateral equivalent in value to the loan amount
- Loan tenure: Up to 15 years
- Eligibility:
- Indian nationals
- Up to 55 years
- Graduates
- Employed in private/public/defense organisations
- Admission in approved institutions on part-time basis
3. Skill Loan
- Interest rate: 8.80% p.a.
- Collateral: Nil
- Loan tenure: Up to 7 years
- Eligibility:
- Indian nationals
- Enrolled in organistions recognized under National Skill Qualification Framework (NSQF)
Oriental Bank of Commerce Education Loan EMI Calculator
The BankBazaar Education Loan EMI Calculator shows you exactly how much your Equated Monthly Instalments will be on your Oriental Bank of Commerce education loan. When you know how much to expect, you can plan your finances and expenditure in advance. This is very useful for all students irrespective of your financial resources.
The EMI calculator will display a detailed amortisation table as well as a breakup of the total interest and principal amount that you have to repay. All you have to do is enter the required data in the relevant fields. There is a slider to input the loan tenure and loan amount. Enter in the interest rate that is applicable for your course. Click on the ‘'Calculate’' button to get your amortisation table.
An example is given below:
For a loan amount of Rs.10 lakh at an interest rate of 7.30% with the maximum tenure of 15 years and no processing fee, the details of your loan and your amortisation table will look like this:
- Monthly EMI: Rs.9,157
- Total interest due: Rs.6,48,231
- Total amount payable: Rs.16,48,231
| Year | Principal Paid (A) | Interest Paid (B) | Total Payment (A+B) | Outstanding Loan Balance |
| 2020 | 28,344 | 54,068 | 82,412 | 9,71,656 |
| 2021 | 40,283 | 69,601 | 1,09,884 | 9,31,375 |
| 2022 | 43,322 | 66,559 | 1,09,881 | 8,88,052 |
| 2023 | 46,592 | 63,288 | 1,09,880 | 8,41,460 |
| 2024 | 50,110 | 59,772 | 1,09,882 | 7,91,350 |
| 2025 | 53,893 | 55,988 | 1,09,881 | 7,37,457 |
| 2026 | 57,962 | 51,920 | 1,09,882 | 6,79,495 |
| 2027 | 62,337 | 47,545 | 1,09,882 | 6,17,158 |
| 2028 | 67,043 | 42,839 | 1,09,882 | 5,50,115 |
| 2029 | 72,104 | 37,780 | 1,09,884 | 4,78,010 |
| 2030 | 77,549 | 32,333 | 1,09,882 | 4,00,463 |
| 2031 | 83,404 | 26,479 | 1,09,883 | 3,17,061 |
| 2032 | 89,700 | 20,183 | 1,09,883 | 2,27,362 |
| 2033 | 96,471 | 13,412 | 1,09,883 | 1,30,892 |
| 2034 | 1,03,752 | 6,129 | 1,09,881 | 27,140 |
| 2035 | 27,139 | 330 | 27,469 | 0 |
How to Apply for Oriental Bank of Commerce Education Loan Online/Offline
You can apply for an educational loan through the following ways:
- Offline: Visit your nearest branch, request the application form, and submit it after filling it in and attaching the required documents
- Online: Visit the official website of the bank, select the course of your choice, and click on the ‘'Apply Now’' button the page.
Subsidy Schemes on Oriental Bank of Commerce Education Loan
Central Scheme for Interest Subsidy for Weaker Section: This scheme provides interest subsidy on the education loan for economically weaker sections.
FAQ's
1. Is there any concession in interest rate for general category?
Anyone can avail 1% concession in interest rate during the moratorium period, which includes the duration of the course and the grace period, if the interest is paid on a regular monthly basis during the moratorium period itself.
2. Is the processing fee refundable?
For studies abroad, for loan amount of over Rs.4 lakh, the processing fee is refunded after the course is completed.
3. Is any third-party guarantee required?
Yes, third-party guarantee or a co-obligant is required. For courses in category A institutions, it can be a parent or guardian, spouse or parent-in-law.
4. If accommodation outside the campus of the educational institution is required, will it be covered under the loan?
Yes, boarding and lodging charges which are reasonable will be covered under the loan if outside accommodation has to be arranged for the duration of the course.
5. What is the duration of the moratorium?
The duration of the moratorium is the duration of the course of study.
