Oriental Bank of Commerce (OBC) submits multiple types of personal loans schemes and the eligibility criteria for each of these loans are very simple to follow.
In Oriental Personal Loan schemes for Government. The scheme can be opted for by individuals who are permanently employed with PSUs, central/state governments, government universities, etc. The applicants who have a net monthly income of over Rs.10,000 are competent to apply for the loans. The Borrower who does not hold a salary account with Oriental Bank of Commerce should reap more than Rs.50,000.
Oriental Personal Loan scheme for the Corporates The Permanent employees or private-sector corporates and non-government institutions can pertain for this loan keeping in mind that they earn a minimum monthly income of Rs.10,000 or above. If the Borrower does not maintain a salary account with the lender, the concerned individual’s monthly income should be above Rs.50,000.
The oriental personal loan schemes for the Pensioners who are under the age of 75 years and family pensioners below the age of 70 years can avail of loans under the same scheme.
The Oriental Bank personal loan schemes have a maximum loan tenure period of 60 months for personal loans with the interest rate of Interest rates ranging between 11% p.a. to 12.5% per annum up to the loan amount of Rs 10 lakh. Borrowers, who do not have their salary accounts with the bank can also be benefited from a personal loan that is accountable to a specific condition that is provided by the bank.
Purchase of land and formation of a house thereon. Construction of house, wherein the plot/land is already owned by the applicant. To deal or built-up / semi built up a building or a flat or to extend/improve/repair, the occurring house or flat, also for Home furnishing, furniture/fixtures embedded to structure or otherwise. To purchase a flat under formation or proposed to be constructed appropriation of housing loan from other banks/ financial institutions.
The bank proposes 3 loan alternatives each formulated for a special group of people. The three loan options and their respective interest rates are for Personal Loans or government or PSU employees it’s 11.45% p.a, Corporate employees its12.45% p.a. and for Pensioners, it’s 10.95% p.a. The Oriental Bank Personal Loan schemes and eligibility criteria are very basic which is the age has to be for a minimum of 21 years.