Good Life Loan Scheme
Orient Good Life Loans are essentially a bridge and an access to buy personal household assets. This account is eligible for:
- Customers with Salary Accounts in OBL
- Those who CANNOT bring their Salary accounts to OBL
- Self employed Individuals with OBL Accts
- Interest Rate: 21% p.a
- Arrangement Fees: 2% of Loan facility
- URA Stamp duty: 15,000/=
For Orient Bank Salary Account Holders
- Three (3) month account statement showing net monthly salary
- Duly executed letter of undertaking and salary domiciliation
- Post dated cheques to cover full tenor of facility
Standard Requirements for all
- Proforma invoice for preferred Good life product
- Copy of CRB Card
- Copy of international passport
- Valid ID card
- Two (2) passport photos
For those who cannot bring their salary accounts to Orient:
- Duly executed letter of undertaking from employer indicating authorization to deduct from source.
- Six months statement of account with Payslip
- Security for Loan
- Postdated cheques to cover full tenor of facility
For those who are self employed
- Should have Banked with Orient for at least 24 months
- Copy of trading license
- Provide 50% equity contribution
- Security for Loan
- Site Visit: verification of business and residential address
- 24 months statement of account
Legal ownership of the items bought will reside with Orient Bank throughout the tenor of the loan and so the Bank shall at all times during the existence of the facility retain original documents, receipts, invoices and other evidence of ownership.
2)The Borrower undertakes to obtain the consent of the Bank in writing, before securing any form of credit facility. The Bank reserves the right to either restrict or allow the Borrower to secure such additional credit facilities from other Banks or financial institutions.
3) All legal fees, costs and expenses arising from the facility or of enforcing the terms and conditions herein should the occasion ever arise shall be claimed from the obligor.
In the event of default by obligor to meet his obligation to the Bank in accordance with the terms and conditions of the offer, the Bank shall be at liberty to sell all the equipment provided as security to the Bank in order to reduce the obligor's indebtedness to the Bank. This is without prejudice to the Bank's further right of recourse against the obligor until the obligation is fully repaid.