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Personal Loan Scheme

 

ORIENTAL PERSONAL LOAN SCHEME (OPLS-GOVT.)- CUSTOMIZED SCHEME FOR PSUs & CENTRAL / STATE GOVT. EMPLOYEES (WORKING & PENSIONERS) 

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

For working :-

Term Loan : 60 EMIs (subject to remaining period of service)

For pensioners:-

Term Loan: 36 EMI, subject to repayment within maximum 70 years of age.

   

Eligibility

1.    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.

 

2.    The net monthly salary should not be less then Rs 10,000/-.

 

3.    The net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.

 

4.    Eligibility for Pensioners:

 

a)    Maximum Age should not exceed 68 yrs.

 

b)    Pensioners of our bank staff are also eligible provided disciplinary action are not pending against them.

 

c)    Net Take home pension should not be less than 50% of Gross Pension (including the installment of proposed loan).

   

Amount of Loan

a)    Up to 15 times net take home salary with a max of Rs. 5.00 Lacs.

b)    For pensioners: 12 month of pension with a maximum ceiling of Rs. 2.00 Lacs.

   

Security

a)    One personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.

 

b)    For Pensioners: Guarantee of the spouse eligible for family pension or in case of non-availability of spouse any other family member or third party guarantee acceptable to the bank.

   

Margin

NIL

   

Rate of interest

BR + 2.50% p.a. with monthly rest

(Floating rate of interest)

   

Penal Interest /Pre-payment Penalty

2% penal interest over the normal lending interest rates on the overdue amount for irregular period.  No prepayment penalty to be charged.

   

Process/ upfront fee

0.50% of the loan amount with a minimum of Rs.500/ +Service tax, if any.

 

 

* Condition apply.

 

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