Facilitating the OUSL registered students to obtain personal loans for their educational purposes at the OUSL
This is to inform you all that the OUSL approved the loan scheme to the registered OUSL students according to the MOU between OUSL and the People’s Bank ( Approved by the 479th Council ) The OUSL is granting loan facilities to working and non- working students of OUSL by People’s Bank subject to following terms and conditions.
- Both working and non-working students of OUSL are eligible for the loan facilities.
- The facilities are granted only to cater educational needs of the students of OUSL.
- Facilities are considered for working students who are permanent employees of Government Sector or reputed Private Sector Organizations with repayment capacity as the PB considered as satisfactory.
- Facilities for non-working students will be considered by PB jointly with the close relative if the PB is satisfied with the repayment capacity of them.
- PB will consider funding 100% of the course fee provided that other requirements of the PB is completed by the applicants.
- Payment will be done by the PB directly to the OUSL.
- Applicable conditions on the Loan amounts, security Tenure and grace period are described in the first schedule hereto.
- Applicable interest rates are described in the second schedule hereto.
- Students are entitled to obtain a Debit card which can be used in ATMs, POS and other e-commerce transactions.
* OUSL has no obligation for whatsoever regarding the repayment of the loan facility taken by the student. The total contractual relationship in this regard is with the People’s Bank and the students.
** This MOU between the University and the People’s Bank shall commence on 13 October 2021 and shall be valid for one year.