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Home >> Loan >> Retail Schemes >> Personal Loan. >> Personal Loan for Pensioners
Personal Loan for Pensioners

ORIENTAL PERSONAL LOAN SCHEME FOR 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

Term Loan  

Eligibility

a) 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).

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

 

c) Family pensioner also eligible for personal loan.

 

Amount of Loan

For Pensioner:

Defence Personnel : 20 months of net pension with Maximum Limit upto Rs. 10.00 lacs 

For others: 18 months of net pension with Maximum Limit upto Rs. 5.00 lacs 

For Family Pensioner:

Defence Personnel : 20 months in case of defence personnel) with Maximum Limit upto Rs. 5.00 lacs

For others :18 months of net family pension with Maximum Limit upto Rs. 5.00 lacs

 

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

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 (floating)

Click here to view rate of interest.

Penal Interest

2% penal interest over the normal lending interest rates on the overdue amount for irregular period. 

Pre-payment Penalty

NIL

Process fee

Click here to view Process Fee.

 

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