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Home >> Loan >> Retail Schemes >> Personal Loan. >> Oriental Personal Loan Scheme for DRDO
Oriental Personal Loan Scheme for DRDO

 

ORIENTAL PERSONAL LOAN SCHEME FOR  DRDO

Particulars

Terms & Conditions

Purpose

Any legitimate purpose excluding for speculation purpose.

Nature of Facility

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

 

Eligible Borrowers

1.    Permanent employee of DRDO. The net monthly salary should not be less than ' 20,000/-.

2.    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

Upto 15 times of net take home with a maximum of 10 lacs.

Security

One personal guarantee of spouse (if working)/ fellow employees.

In case of fellow employee stands as guarantor, he/she will not stand as guarantor in more than two accounts.

Margin

NIL

Rate of interest

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