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    We found 1 Oriental Bank Personal Loan for Pensioners

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Oriental Bank Personal Loan for Pensioners is Rated as "Pretty good" by 55 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Personal Loan BYTES FROM OUR KITCHEN

    Overview about OBC Personal Loan Scheme 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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  • Oriental Bank Personal Loan for Pensioners Reviews

    • Oriental Bank of Commerce Personal Loan
      "No Response"
      0.5 1.0/5 "Really Bad"
      Actually I done my loan process with other bank so I did not continue the personal loan with Oriental Bank of Commerce. I did not receive any single call from the bank. There was no call or message from OBC for my loan application and I got the loan from other bank.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 11, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      OBC contacted me initially and later there was no follow up calls from them for the personal loan. There was also no proper clarification or information on the rate of interest and processing charges. I would not wish to refer the bank from the current experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 08, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I haven't got the car loan with Oriental Bank of Commerce, because I got the best interest rate with other bank, so that was the reason I haven't proceed with Oriental Bank car loan. The customer service and the response was good with OBC. The rate of interest is nominal .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had applied for the personal loan with Oriental Bank of Commerce but after a while I just postponed my plan in taking the loan. But when I approached the bank I had received very good response and they contacted me properly and provided the details.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 21, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Oriental Bank of Commerce provided a good response when I applied for the personal loan with them. I never found any challenge with OBC when I approached them for the loan process. But then I had to close my personal loan application due to some reason.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The oriental bank was offering the personal loan with very high interest rate like 10 to 11% which is really high at the market price, when compared with others. The response and the follow up was prompt with Oriental bank of commerce. I would like to suggest them to decrease the interest rate in future. Overall, I would say service is good with OBC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2017
    • Oriental Bank of Commerce Personal Loan
      "They should give proactive response to the customers"
      0.5 3.0/5 "Satisfactory"
      Oriental Bank of Commerce requested me to share the personal guarantor details from my office, by the time I was able to arrange the money through my own source. Hence I didn't take loan from Oriental bank of commerce and their response is also not up to the mark, they have collected documents and they took two months to process the loan, finally they asked for personal guarantor, I am not fine with that, OBC should improve on their service part.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Actually I submitted my personal loan application with Oriental Bank of Commerce through online source. For the personal loan they quoted high rate of interest so I am not happy with that, hence I closed the application. But Oriental bank of commerce is really good in providing customer service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "Response part has to be improved"
      0.5 3.0/5 "Satisfactory"
      Some body from the Bank called me during the initial stage and ask to me to keep my documents ready but there was no response from their end. Oriental Bank of Commerce is a good bank but some staff were not responded well. Hence I am unable to process my loan with them, OBC bank should improvise on the response part.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "No proper response"
      0.5 2.0/5 "Expected more"
      Oriental bank of commerce haven't made a proper follow up in concern to my personal loan application. I would like to suggest that OBC must maintain a process on their follow up and the call backs in regards to any product. The rate of interest is nominal with OBC. Overall the service need to be improved very much.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 29, 2017
    • Oriental Bank of Commerce Personal Loan
      "Work on Customer Oriented"
      0.5 1.0/5 "Really Bad"
      When I applied with Oriental bank for the personal loan, I received call from them stating they need documents from me. So I kept all the documents ready and I am waiting for the call from OBC but I did not receive any calls from them but I got mail stating my application has been rejected. The reason for I choose OBC is because of the interest rate, with them the interest rate is around 11.85% but with other banks it is 17%. But I did not receive the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 25, 2017
    • Oriental Bank of Commerce Personal Loan
      "Delayed response"
      0.5 2.0/5 "Expected more"
      After me applying for a personal loan with Oriental Bank of Commerce, they delayed by couple of days to contact me. And then the process seemed long too. So I cancelled my application and I went ahead with another bank. I am not too sure on the interest rate and charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 25, 2017
    • Oriental Bank of Commerce Personal Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      Oriental bank of commerce executives did not visit my place to collect the documents they asked me to upload the documents through online channel, I tried uploading but there was an issue. Then I didn't get any response from them, finally my application was closed.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 25, 2017
    • Oriental Bank of Commerce Personal Loan
      "Delayed response"
      0.5 2.0/5 "Expected more"
      Since OBC contacted me much after I had applied for a personal loan, I did not wish to proceed ahead. I received a call after couple of days and it was not a very satisfactory experience. No information on the interest rate and processing charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Oriental Bank of Commerce Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the personal loan with the Oriental bank of commerce because I have postponed the plan to some extent. Rate of interest was around 10% for the personal loan and the customer service was good one and they were polite too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Better "
      0.5 4.0/5 "Great!"
      I have expected more capital with the Oriental bank of commerce as the personal loan but they were not okay to provide, so I have cancelled the application. Rate of interest was around 13% and the services were good and its the unexpected one. I don't have any issues with them till now. Customer service was good one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Could have more clarity in the services"
      0.5 3.0/5 "Satisfactory"
      When I applied for a personal loan with Oriental Bank of Commerce, the bank did not proceed ahead though my documentation was perfect. They collected all my papers and started the process and finally declined the loan without giving me a proper reason for it. The had a good deal on the interest rate and fee.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good in services"
      0.5 4.0/5 "Great!"
      OBC contacted me when I had applied for a personal loan and checked on my requirement. Since I was out of town I could not submit my documentation and the loan was closed. The interest rate of around 11% and the bank had a affordable processing fee as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The Oriental Bank of Commerce executive told that they will come and collect the documents , but no one turned on the promised date and time. The response and the follow up is fine with them. The rate of interest is nominal when compared with others. Overall I am satisfied with the service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      Oriental bank commerce executive told that my company is not listed in their list, that was the reason I haven't got the personal loan from OBC. They haven't explained me about the product. The oriental bank of commerce can be improved and focused with customer queries in future .
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
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