Oriental Bank of Commerce offers customised personal loan schemes for Government and PSU employees. The main objective of OBC Personal Loan for Govt. /PSU Employees is to provide finance for the Government and PSU Employees to meet personal/family expenses such as wedding, education, family functions, purchase of consumer durables and other legitimate expenses. The loan is available for both working class and pensioners of government and PSU institutions.
Type of facility offered
Given below is a list of type of facility offered by the bank.
- For working class- term loan will be of 60 EMIs
- For pensioner- Term loan will be of 36 EMIs subject to repayment within 70 years of age
Features and benefits of OBC Personal Loan for Govt. / PSU Employees
Listed below are the features and benefits of OBC Personal Loan for Govt./PSU Employees.
- Personal loan for working class and pensioners
- Margin- Nil
- The borrower should be or should have been a Government or PSU employee
- High personal loan amount
- Offers security
- Flexible repayment period based on the loan
- Hassle free application process
- Quick approval
- Dedicated team of customer service
Eligibility criteria for OBC Personal Loan for Govt. / PSU Employees
Listed below is the eligibility criteria of OBC Personal Loan for Employed class and pensioners for the loan scheme.
- Permanent and confirmed employees of PSU, centre and state government and other government institutions who have a salary account with the bank are eligible.
- Net monthly salary should be minimum Rs.10,000
- Net take home salary should not be 30% less than the gross salary after all the deductions
- The maximum eligibility age for pensioners is 58 years
- Pensioners of the bank staff are also eligible
- Net take home pension should not be less than 50% of the gross pension amount
- The amount of loan for working class goes up to 15 times the net home salary( Maximum Rs.5 lakh) and the maximum loan amount for pensioners is 12 months of pension amount( maximum amount of Rs.2 lakh)
What are the fees and charges applicable on OBC Personal Loan for Govt. / PSU Employees?
Listed below is the list of fees and charges applicable on OBC Personal Loan for Govt./PSU Employees.
- Penal interest/ pre-payment penalty- 2% penal interest over normal interest lending rate on the outstanding or overdue amount
- Process charge/ upfront fee- 0.50% of the loan amount (Minimum Rs.500 along with additional service tax)
