I will tell you the eligibility criteria to apply for the personal loan offer by Oriental Bank of Commerce (OBC) so that you can check it easily.

Eligibility
1. Permanent and confirmed employee of Public Sector Undertaking (PSU) and Centre / State Govt. Deptt. and other Government institutions like Universities/Colleges etc. having their salary account with our bank.

2. The net monthly salary should not be less then Rs 10,000/-.

3. The net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.


4. Eligibility for Pensioners:

a) Maximum Age should not exceed 68 yrs.

b) Pensioners of our bank staff are also eligible provided disciplinary action are not pending against them.

c) Net Take home pension should not be less than 50% of Gross Pension (including the installment of proposed loan).

Amount loan
a) Up to 15 times net take home salary with a max of Rs. 5.00 Lacs.

b) For pensioners: 12 month of pension with a maximum ceiling of Rs. 2.00 Lacs.

Security
a) One personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.

b) For Pensioners: Guarantee of the spouse eligible for family pension or in case of non-availability of spouse any other family member or third party guarantee acceptable to the bank.

Interest rates
Rate of interest
BR + 2.50% p.a. with monthly rest (Floating rate of interest)

Penal Interest /Pre-payment Penalty
2% penal interest over the normal lending interest rates on the overdue amount for irregular period. No prepayment penalty to be charged.

Loan purpose
To meet personal/ family expenses like marriage/education/family functions / purchase of consumer durables or any other legitimate purpose excluding for speculation purpose.

Address:-
Oriental Bank of Commerce (OBC)
Plot No. 5, Institutional Area
Sector-32
Gurgaon – 122001

Phone:-
0124-4126200