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Home >> Loan >> Retail Schemes >> Personal Loan. >> Oriental Personal Loan Scheme for DMRC Employees
Oriental Personal Loan Scheme for DMRC Employees

ORIENTAL PERSONAL LOAN SCHEME FOR  DMRC EMPLOYEES

Particulars

Terms & Conditions

Purpose

Any legitimate purpose excluding for speculation purpose.

Nature of Facility

  • Term Loan -60 EMIs (subject to remaining period of service)
  • Overdraft - 12 months subject to annual review

(Monthly reducing in last 5 years of service before retirement)

 

Note: OD facility shall be offered to employees having their salary account with our bank.

Eligible Borrowers

1.    Permanent employee of DMRC Ltd

2.    The net monthly salary should not be less than ' 20,000/-.

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

Amount of Loan

Up to 15 times net take home salary with a maximum of:

 A) ' 5.00 Lacs for individuals whose net monthly salary is upto         ' 1.00 lacs

B) ' 10.00 Lacs for individuals whose net monthly salary above            ' 1.00 lacs

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

Type of Facility

Rate of Interest

Overdraft

1 Year MCLR + 2.00%

Term Loan

1 Year MCLR + 1.75%

In case employee maintains his/her salary account also with us, further concession of 0.25% be given in above spread.

Penal Interest

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

Pre-payment Penalty

No prepayment penalty to be charged.

 

Inspection Charges

No inspection charges to be levied.

 

Process/ upfront fee

Nil

Repayment

60 EMIs (subject to remaining period of service)

General Condition

1.    ADHAAR Card or ADHAAR acknowledgement is mandatory

2.    KYC documents as per bank norms

3.    Self attested Identity Card or letter from the employer

4.    Latest salary Slip Form-16/ITR