Term & Condition of Loan Schemes by Oriental Bank of Commerce for BSNL Employees

Term & Condition of Loan Schemes by Oriental Bank of Commerce for BSNL Employees


VARIOUS LOAN SCHEMES TO BSNL EMPLOYEE BY ORIENTAL BANK OF COMMERCE

CUSTOMTZED RETAIL CREDIT SCHEME FOR BSNL EMPLOYEES
GENERAL TERMS & CONDITIONS

The various kinds of loans along with the general terms and conditions, are mentioned below:

Loan	Purpose	Maximum Loan Ceilings	Margin	Eligible Loan Amount	No. of Installments (EMI)	Eligibility
Housing	Purchase of plot, purchase of flat from Housing Board / Development agency / Private builders / construction of house / repairs / renovation / addition / alteration of house / flat	Max. Rs. 40.00 lacs for purchase of flat I construction / addition etc. For purchase of plot,50% of the eligible Loan amount. & Rs. 10.0 lacs for renovation.	Upto Rs. 20 lacs - 15% , Above Rs. 20 Lacs - 25%	60 times of gross salary	300 EMIs for construction/ purchase of Home / Flat / Plot & 120 EMIs for Renovation	Employees in regularservice
Car	Purchase of motor Car (new / used)	90% of cost Subject to Max. Rs.10 lacs for New Cars & Rs 7.5 lacs for old cars	New Car: 10% & 30% (old car)	30 times of gross salary	84 EMI for new cars, ForOld Cars 60 EMIs (If car 3 years old) & 36 EMIs (If the car is 5 years old)	Minimum Gross pay - Rs.10,000/- per month with 1 year of confirmed service
Two wheelers	Purchase of scooter/motor cycle/moped	90% of cost including registration,  insurance, etc. subject to maximum Rs 2.0 lacs	10%	30 times of gross salary	Max 60 installments	Minimum Gross Salary - Rs.6000 /- pm & 1 year of confirmed service
Education Loan	To finance the study of family members in India and abroad	Rs. 10.00 lacs for studying in India & Rs 20.00 lacs for studying abroad.  Rs 20.00 lacs for studying in IIMS,IITS, XLRIs and ISBs. (Collateral Free)	Up to Rs. 4.00 lacs - NIL Above 4 lacs - 5% (India) & 15% (abroad) 5% (IIMs,IITs , XLRIS and ISBs.)	As per fee component of the institute includes moratorium period i.e. study period & Grace Period	120 EMIs (up to 7.5 lacs) &. 180 EMIs (above Rs 7.5 lacs) Repayment Period	Confirmed admission to Govt.'/ Regulatory (AICTE/UGC etc.) approved institutes
Personal loan	Any miscellaneous requirement / contingency except for speculation	A) Rs.l.50 Lac. B) Rs 5.0 lacs if salary a/c is with Bank	NA	A) Upto 15 months net take home salary, subject to maximum of Rs.1.50 Lac. B) Upto 20 months net take home salary, subjec to max of Rs 3.0 lacs, if salary a/c is with Bank C) Up to 15 months net take home salary, subject to maximum of Loans above Rs 3.00 lacs and up to Rs 5.00 Lacs,  if salary a/c is with Bank	60 EMI (subject to remaining period of service)	1. Permanent and regular employees of BSNL 2. Minimum 3 years of service, including service with the previous employer (s), Govt., if any.
Natural Calamity Loan	To the affected employees of BSNL in natural calamities areas	The Bank shall immediately devise suitable scheme if the unfortunate need so arises, taking into account the specific circumstances of the calamity, in the affected area.

 Notes:

1. The recovery of housing loan will start not later than 18 months from the date of first disbursement or immediately from the next month after completion of the house/flat, whichever is earlier.
2. The recovery of education loan will start 12 months after completion of the course or 6 months after getting the job whichever is earlier, for the child whose studies have been financed through loan.
3. Loanees can fore-close the loan account without any foreclosure charges.
4. The interest will be charged on reducing balances of loan on day-to-day basis.
5. No processing charges will be levied by bank.
6. Amount of the loan will be as per eligibility and maximum loan ceiling as detailed above. However, the bank can give loan for a lesser amount also at its own discretion.
7. Borrowing capacity of the borrower shall be considered at the time of the sanction of the loan.
8. Employees desiring to avail loans will furnish their Employee / PF No. duly certified by their Staff Department.

Interest Rates for Various Retail  Credit Loans

As a special gesture, the Bank has allowed a concession of 0.50% on its card interest rates in all brackets and schemes (excl. Personal Loan  Scheme which is already customized for BSNL employees); and the final rates (Related to Base Rate System) for BSNL Employees are as under:

S. No.	Loan	Rates of Customized Scheme for BSNL Employees Floating rate of Interest* (Present Base Rate is 10.25% w.e.f.25.02.2013)
1.	Housing	Up to Rs 30.00 lacs  BR= 10.25% Above Rs 30.00 Lacs - Rs. 75.00 Lacs 10.25% (Repayment up to 25 years) Above Rs 75.00 Lacs - Rs. 03.00 Crores  10.50% (Repayment up to 25 years)
2.	Car	Up to 3 Years - 10.35% (New Car) 12.75% (Old Car) More than 3 Yrs and up to 7 Yrs-  10.60% (New Car)
3.	Two wheeler	Up to 3 Years - 10.35% More than 3 Years - 10.60%
4	Personal	12.75%
5	Education	Up to Rs.4.00 lacs 12.25% Rs 4 lacs - Rs 7.5 Lacs 12.75% Above Rs 7.5 Lacs 12.25% Scheme for Students of IITs,IIMs, XLRIs & ISBs 10.25% *Special concession of 0.5% to girl students SC /ST / Disabled and special scheme for students of IITs, IIMs, XLRIs & ISBs offering collateral free loans at Base Rate i.e. 10.25%
6.	Natural calamity loan	The Bank shall immediately devise suitable scheme if the unfortunate need so arises, taking into account the specific circumstances of the calamity. in the affected area.

*Floating rate of interest will change as per the changes in the Base rate of the Bank, i.e., increase or decrease in the interest rate by the same basis points as in the base rate of the Bank. However in any case, the proposed rate of interest shall not fall below the Base Rate of the Bank.  Most of the loans are in Branch Managers' powers and will not take any significant time after fulfillment of the documents / formalities.