oriental personal loan scheme for govt

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  • oriental personal loan scheme for govt
  • 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
    • Permanent and confirmed employee of Public Sector Undertaking (PSU) and Centre / State Govt. Deptt. and other Government institutions like Universities/Colleges etc. having their salary account with our bank.
    • 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
      Up to 15 times gross salary with a maximum of 10.00 Lac
  • 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) For Term Loan-RBLR+2.85%; For Overdraft-RBLR+3.10%
    Penal Interest 2% penal interest over the normal lending interest rates on the overdue amount for irregular period.
    Pre-payment Penalty NIL
    Process fee 0.50% of the loan amount with a minimum of ₹ 500/- +Service tax, if any.
    Repayment 60 EMIs
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