Oriental Bank Personal Loan for Pensioners

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:

1. The applicant's age should not be more than 68 years.
2. 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.
3. 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:

1. An endorsed copy of the loan sanction letter to be sent to the Pension Department of the pensioners in order to inform them.
2. 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:

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