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:
Notes:
- 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.
- 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.
- Loanees can fore-close the loan account without any foreclosure charges.
- The interest will be charged on reducing balances of loan on day-to-day basis.
- No processing charges will be levied by bank.
- 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.
- Borrowing capacity of the borrower shall be considered at the time of the sanction of the loan.
- 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.
To see MoU between BSNL & OBC click here for .pdf file
Courtesy : http://karnmk.blogspot.in
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