The purpose of the Oriental Loan against gold ornaments scheme is to provide ready finance for customers who avail this loan for agricultural activities or any allied activities. The loan may be used to finance activities for a business or even for activities that the customer takes up for his or her self-employment, non-speculative and personal consumption needs.
The Oriental Loan against Gold Ornaments scheme has two types of facilities as under:
Type of facility
In order to avail the Oriental Loan against gold ornaments scheme, the loan applicant will have to provide the bank with the basic KYC documents. Those applicants who are already customer of the Oriental Bank of Commerce need not provide the bank with the KYC documents as the bank would already have their records in the system. Applicants who are not existing customers of the bank will have to provide self-attested scanned or Xerox copies of their proofs of identity and residence, such as their PAN Card, Passport, Government ID card, Photo Ration Card, Driver’s License, Electricity bill, Rental Agreement, Telephone bill or Senior Citizen ID Card. The loan applicant will have to carry the originals of these documents for the bank to verify. Along with the above documents for verification, the loan applicant will have to provide two passport-sized photographs.