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oriental personal loan scheme for pensioners

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  • oriental personal loan scheme for pensioners

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

 
  • Eligibility
    Purpose To meet personal expenses including medical, bon voyage, family liability / expenses. (excluding speculative purpose)
    Type of Facility Term Loan
    Eligibility
    • Maximum Age:

      For Pensioners: The Pensioner should not be more than 75 years of age(Last Repayment Age)
      For Family Pensioners: Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that age of family pensioner should not be more than 70 years of age(Last Repayment Age).
    • Net Take home pension should not be less than 50% of Gross Pension (including the installment of proposed loan).
    • Family pensioner also eligible for personal loan.
  • Finance
    Amount of Loan For Pensioner :
    • Defence Personnel : 20 months of net pension with Maximum Limit upto ₹ 10.00 lacs
    • For others: 18 months of net pension with Maximum Limit upto ₹ 5.00 lacs
    For Family Pensioner :
    • Defence Personnel : 20 months in case of defence personnel) with Maximum Limit upto ₹ 5.00 lacs
    • For others: 18 months of net family pension with Maximum Limit upto ₹ 5.00 lacs
    Note: Net Take home pension should not be less than 50% of Gross Pension (including the installment of proposed loan).
  • Security and Margin
    Security Guarantee of spouse eligible for family pension to be obtained. In case of non availability of spouse, any other family member OR a third party guarantee acceptable to the Bank.
    Margin NIL
  • Rate of Interest and Repayment
    Rate of interest (floating) 1 YEAR MCLR+2.25%
    Pre-payment Penalty NIL
    Process fee 1.00% of the loan amount plus applicable taxes.
    Repayment
    • For Pensioner:
      Maximum upto 60 EMIs subject to last repayment of 75 years.
    • For Family Pensioner: Maximum upto 60 EMIs subject to last repayment of 70 years
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