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.
The following features and benefits highlight the loan scheme:
Oriental Bank of Commerce charges an interest rate of 11.95% (Base Rate + 2.25%) from pensioners towards the personal loan.
The following eligibility criteria need to be fulfilled in order to avail a personal loan for pensioners from OBC:
The following documents are important when applying for the OBC Personal Loan for Pensioners, apart from the basic documentary requirements:
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|
Yes, your take home pension should not be below 50% of the gross amount, after the loan instalment is deducted.
No, Oriental Bank of Commerce does not charge any documentation fee from personal loan applicants.
You can repay the entire loan amount within the period before your reach the age of 70 years.
The bank levies a penalty fee of 2% of the overdue loan amount towards delayed payment.
The maximum loan amount that you can get from OBC under the loan scheme is Rs.20 lakh.