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Home >> Loan >> Retail Schemes >> Personal Loan. >> Oriental Personal Loan Scheme for Central Government Employees
Oriental Personal Loan Scheme for Central Government Employees

 

Purpose

Any legitimate purpose excluding for speculation purpose.

Type of Facility

Term Loan/Overdraft

Eligibility         Criteria

1.    Permanent and confirmed employee of Central Government

2.    Maintaining salary account is not mandatory in case gross monthly salary of the employee is above '50,000/-

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 minimum '1.00 lacs and max of ' 10.00 Lacs.

Security

One personal guarantee of spouse/fellow employees

 

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

Rate of Interest

Type of Facility

Rate of Interest

Overdraft

1 Year MCLR + 2.50%

Term Loan

1 Year MCLR + 2.25%

 

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

Repayment

Overdraft - 12 months subject to annual review

Ø  Monthly reducing in last 5 years of service before retirement

 

Term Loan - 84 EMIs (subject to remaining period of service)

 

Process Fee

Nil

Document required

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 certifying the designation, department of his posting, date of joining and date of retirement.

4.    Latest salary Slip

5.    Form-16/ITR