• Oriental Bank Personal Loan for Pensioners

    Oriental Bank of Commerce offers a personal loan scheme, which is specially designed to meet the requirements of pensioners. The loan can be taken to meet all kinds of personal expenses such as travel, medical, family, daily expenses or even speculative reasons.

    Features and Benefits of the OBC Personal Loan Scheme for Pensioners

    The following features and benefits highlight the loan scheme:

    • Loan Amount – Oriental Bank of Commerce provides up to 12 months of the pension amount under the personal loan scheme. The maximum loan amount that can be availed under this scheme is Rs.2 lakh.
    • Nature of Loan – The loan is a term loan, where pensioners can make the repayment over a decided term during the loan.
    • Loan Repayment – The OBC Personal Loan Scheme can be repaid in a maximum of 36 monthly instalments or EMIs. The entire repayment should be made before the applicant reaches the age of 70 years.
    • Loan Security – In order to avail the personal loan scheme for pensioners from OBC, the applicant should provide guarantee of spouse or any family member. A third party guarantee is also accepted by the bank.

    Interest Rates of OBC Personal Loan Scheme for Pensioners

    Oriental Bank of Commerce charges an interest rate of 11.95% (Base Rate + 2.25%) from pensioners towards the personal loan.

    Eligibility for OBC Personal Loan Scheme for Pensioners

    The following eligibility criteria need to be fulfilled in order to avail a personal loan for pensioners from OBC:

    • The applicant’s age should not be more than 68 years.
    • Employees working for the central or state government, Defence, PSUs, other autonomous organizations, who have a pension account with an OBC Bank branch, for a duration of six months at least.
    • The applicant’s net take home pension amount should not be below 50% of the gross, once the loan’s instalment is deducted.

    Documents Required for OBC Pensioners Loans

    The following documents are important when applying for the OBC Personal Loan for Pensioners, apart from the basic documentary requirements:

    • An endorsed copy of the loan sanction letter to be sent to the Pension Department of the pensioners in order to inform them.
    • An undertaking from the borrower, stating that the pension account will not be transferred to other banks other than OBC. It should also give authority to the bank to recover due instalments, apart from obtaining post-dated cheques.

    Other Fees and Charges

    The following charges are levied on the pensioners availing an OBC Personal loan:

    Type of Fee Amount
    Processing Fee 0.50% of loan amount (Minimum Rs.500 plus GST, if any)
    Penalty for Delayed Payment 2% on the Outstanding Loan Amount

    OBC Personal Loan Scheme for Pensioners FAQs

    1. Is there an eligibility criteria related to my pension amount, if I am applying for an OBC Personal Loan?

      Yes, your take home pension should not be below 50% of the gross amount, after the loan instalment is deducted.

    2. Will I have to pay any documentation charges if I am going to apply for a Personal Loan for Pensioners from OBC?

      No, Oriental Bank of Commerce does not charge any documentation fee from personal loan applicants.

    3. What is the maximum age by which I can repay the OBC Personal Loan for Pensioners?

      You can repay the entire loan amount within the period before your reach the age of 70 years.

    4. What is the penalty fee for delayed payment towards personal loan for pensioners at OBC?

      The bank levies a penalty fee of 2% of the overdue loan amount towards delayed payment.

    5. What is the maximum loan amount that I can avail from Oriental Bank of Commerce under the Personal Loan Scheme for Pensioners?

      The maximum loan amount that you can get from OBC under the loan scheme is Rs.20 lakh.

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