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Home >> Loan >> Retail Schemes >> Loan against Deposits
Loan against Deposits

ORIENTAL LOAN AGAINST DEPOSIT

Purpose

To meet personal expenses / business expenditure except speculative / prohibited purposes.

Eligibility

1.    All Indian Nationals of 18 years and above & HUF.

2.    Firms / companies provided the offered deposits are in the name of those firms / companies.

Type of Facility

1.    Overdraft limit (renewable every year)

2.    Demand Loan

Amount of Loan

Rs. 5.00 Crore (maximum)

Security

Pledge of duly discharged unencumbered deposit receipt issued by our bank only (Parent branch only).

Margin

S.No.

Details of deposit

Margin

1.

Advance against Self Deposits less than 6 months

5%

2.

Advance against Self Deposits 6 months & above

10%

3.

Advance against Third Party Deposits

15%

Rate of interest (floating)

Click here to view rate of interest.

Penal Interest

Penal interest shall be charged equal to clean overdraft rate of interest for the period of irregularity, in case the account is irregularly overdrawn.

Process/ upfront fee/Prepayment Penalty

NIL

Disbursement

Through account of the respective borrower

Description of Deposit

a.    Self Term Deposit

The deposit stand either in the name(s) of the borrower himself/borrowers themselves, or in the names of the borrower jointly with another person

b.    Third party Term Deposit

The deposits do not stand either in the name(s) of the borrower himself/borrowers themselves, or in the names of the borrower jointly with another person

c.    Other Bank Deposits

No Loan shall be granted against the deposit of Other Banks.

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