Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

A Personal Loan is a loan that can be obtained whenever there is a financial need. Personal loans are available and lenders are always willing to offer such loans to solve many purposes, whether to purchase a house, purchase a car, to consolidate debts, to make small, big improvements in house or to pay for a holiday trip. A personal loan will fulfill your need.

Information about Personal Loan Scheme from Oriental Bank Of Commerce

PERSONAL LOAN SCHEME

Purpose :
To meet personal/ family expenses like marriage/education/family functions .
For purchase of consumer durables, gold / gold ornaments.
To meet expenditure on medical treatment of self and/or dependent at Hospitals/Nursing Homes registered with local Govt. bodies.

Eligibility:
1. Permanent and regular employee in Centre/State Govt. Deptt. and other institutions like Universities, Schools/College, PSUs, reputed hospitals, and well established corporate. Professionals and doctors shall also be eligible for loan
2. Minimum 3 years of service, including service with the previous employer(s), if any.
3. The net monthly salary should not be less then Rs 6,000/-.
4. The net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.

Relaxation in Eligibility
Minimum net monthly salary of Rs. 3000/- subject to fulfillment of the following conditions for the regular employees of Central / State Govt. Deptt. And other institutions like Universities, Schools / College, PSUs, reputed Hospitals and well established Corporate.
1. Where the employer is maintaining the salary accounts of its employees with the branch and monthly installment is recovered from the salary account for adjustment of loan.
OR
2. Where there is specific agreement / tie up arrangement made between employer and the Bank for education of loan installments from salary of the employee in more than two accounts.

Amount of Loan
Upto 15 months net take home salary, subject to maximum of Rs.1.50 Lac
Income of spouse can be included, provided he/she guarantees the loan or loan is availed jointly.

Nature of Facility
Term Loan
Overdraft limit (on liquidation basis in exceptional cases to Senior Bureaucrats/Administrators/Judges & customers of high net worth).

Margin
Nil

Process Fee:
0.50% of loan amount with minimum of Rs. 500/-.

Security

* Charge over tangible assets, if created out of loan.
* One personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.

Repayment
60 EMI (subject to remaining period of service)

Sources : http://www.obcindia.co.in/