Education and Career Forum

Hello sir, I want to get an education loan of 6 lakh from Oriental Bank of Commerce to study degree course. Please tell me how to apply for it? Documents and collateral required for it?

Originally Posted by Unregistered

Hello sir, I want to get an education loan of 6 lakh from Oriental Bank of Commerce to study degree course. Please tell me how to apply for it? Documents and collateral required for it?

Students can apply online or contact the Oriental Bank of Commerce to apply for an education loan. Those students who have obtained admission to a higher education course at a college/university recognized by a statutory body in India through entrance test or merit based selection process can apply for an education loan in Oriental Bank of Commerce (OBC). For an education loan amount of Rs 6 Lakhs at OBC, the applicant has to pay 5% margin money. Parents to be joint borrowers and Collateral security in the form of one suitable third party guarantee, preferably of another family member / close relative. The applicant has to submit the following documents: address proof, identity proof, proof of income, last 3 months salary slips, last 6 months bank statements, Proof of admission, Fee structure of the course etc. The Oriental Bank of Commerce website link is given Click Here

There are two options for you through which you can get education loan from any bank. First option is to visit the nearest branch of desired bank and apply in offline mode. Second option is to register at Vidya Lakshmi Portal and you can apply to multiple banks for Education loan. The official website of Loan portal is Click Here .

The documents required for Education loan:

>>Academic certificates upto present qualification.

>>Scorecard of entrance exam.

>>Loan letter from college containing fee structure.

>>Proof of identity and Address.

>>PAN card of both Parent and Student.

Collateral is required for loans above 7.5 lacs. For education loan of 6 lacs, you will guarantor.