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oriental personal loan scheme for corporate

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  • oriental personal loan scheme for corporate
  • Eligibility
    Purpose To meet personal/ family expenses like marriage/education/family functions / purchase of consumer durables or any other legitimate purpose excluding for speculation purpose.
    Type of Facility Term Loan
    Eligibility
    • Permanent employee of Corporates and other reputed non government organizations/institutions including college/schools etc. having their salary account with our bank.
    • Minimum 3 years of service, including service with the previous employer(s), if any.
    • The net monthly salary should not be less then ₹ 10,000/-.
    • The net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan
    • For employees not maintaining salary account with us, gross monthly salary should not be less then ₹ 50,000/-
  • Finance
    Amount of Loan Up to 15 times of gross salary with a max of ₹ 5.00 Lacs.
  • Security and Margin
    Security One personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.
    Margin NIL
  • Rate of Interest and Repayment
    Rate of interest (floating) One Year MCLR +3.75%
    Penal Interest 2% penal interest over the normal lending interest rates on the overdue amount for irregular period.
    Pre-payment Penalty NIL
    Process fee 1.00% of the loan amount  plus applicable taxes.
    Repayment 60 EMIs
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