 |
HOW THE LOAN WORKS
Download Loan Application form
Oriental Bank of Commerce will finance upto 90% of the program fees and other expenses listed in the Information Bulletin, for ALL working executives who are selected for admission to a program offered by NIIT Imperia, and fulfil the simple eligibility criteria given below.
The student will have to pay 10% of the total fees, first, before the loan can be utilised
The special concessional rate of interest will be 11.25% per annum, ie, at Prime Lending Rate (PLR) less 2.0%.
The loan amount will be repaid over a maximum of 36 months (through Equated Monthly Instalments EMIs calculated at monthly rests) that will begin immediately after the program ends. (Or, the student drops-out or is suspended from the program)
The duration of the program will be a Moratorium Period during which the student will have to pay monthly interest (at the same rate of interest) on the disbursed amount
Eligibility Criteria: Indian nationals who are working in regular employment (substantiated by proof of employment and proof of salary), and who have been SELECTED for an NIIT Imperia program. Proof of identity, proof of residential and permanent addresses will be required.
For all candidates fulfilling above eligibility criteria, NO other collateral or guarantee will be required. Those who fulfil all eligibility criteria other than minimum monthly salary, may avail of the same loan by enlisting parent(s) as co-borrowers.
The candidate has the option to make pre-payments to repay the loan, or foreclose the loan at any time, without having to pay any pre-payment or foreclosure charges.
Processing fees of Rs 562/- will have to be paid at the time of submitting the loan application.
Notes
1. The maximum loan amount is limited to Rs.2,00,000/-
2. NIIT Imperias role is limited to overall scheme formulation and general facilitation. The processing, sanction and disbursement of loans is at the discretion of Oriental bank of Commerce, subject to mutually acceptable terms and conditions between the student and the bank.
3. A list of designated branches and contact persons from Oriental bank of Commerce are available at NIIT Imperia centres.
