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


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

Maximum Loan Ceilings
Eligible Loan Amount
No. of Installments (EMI)
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
300 EMIs for construction/ purchase of Home
/ Flat / Plot & 120 EMIs for Renovation
Employees in
regular service


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, For Old 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
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
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
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
  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
  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
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
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