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Home >> Loan >> Retail Schemes >> Education Loan >> For Vocational Education & Training
For Vocational Education & Training

 

Oriental Education Loan Scheme For Vocational Education & Training

Purpose

The scheme aims at providing financial support to students for pursuing employment oriented skill development courses with affordable terms and conditions.

Eligibility for Loan

Student who is / has:-

1.    An Indian National

2.    Minimum qualification, as required by the Institution/ Organization running the courses eligible under the scheme.

3.    Secured admission in courses run or supported by Central/ State Govt. institutions i.e. National Skill Development Corporation or State Skill Missions / State Skill Corporations leading to certificate / diploma / degree etc.

Eligible Courses

 

Vocational / Skill development courses of duration from 2 months to 3 years leading to certificate / diploma offered by a recognized State / Central Govt. institution or Statutory / technical body or training department of Govt. etc.

Components of Finance

1.    Tuition / course fee.

2.    Examination / Library / Laboratory fee.

3.    Caution Deposit

4.    Purchase of books, equipments and instruments

5.    Any other reasonable expenditure found necessary for completion of the course (Local Boarding/ Lodging expenses are not necessary to finance and may be considered only on merits).

6.    Life Insurance premium of the student, if insurance cover is obtained by him/her.

Loan Amount

  • For courses of duration upto 3 months   -  Rs. 20,000/-
  • For courses of duration 3 to 6 months    -  Rs. 50,000/-
  • Courses of duration 6 months to 1 year  -  Rs. 75,000/-
  • For courses of duration above 1 year     -  Rs. 1,50,000/-

Security

  • No collateral or third party guarantee.
  • Parents/Guardian to be joint borrower and/or co-obligations of spouse/parent-in-law in case of married woman.

Rate of  Interest (Floating)

Click here to view Rate of Interest.

1% concession in rate of interest is allowed for regular monthly servicing of interest during moratorium period and this concession shall be allowed only after expiry of the moratorium period

Margin

NIL

Process Fee

NIL

Prepayment Penalty

NIL

Moratorium Period

Upon completion of course, repayment will start after the moratorium period as under:

  • For courses of duration upto 1 year- 6 months from the completion of course.
  • For courses of duration above 1 year- 12 months from the completion of course.

Repayment

  • Loan upto Rs. 50000 - Upto 2 yrs.
  • Loan above Rs. 50000 and upto Rs. 1.00 Lac - In 2 to 5 yrs.
  • Loan above Rs. 1.00 Lac - In 3 to 7 yrs.

Please Click to proceed, if you fulfill eligibility

* For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940