Are you struggling with unexpected expenses, or even regular expenses that you are having difficulty covering? Ogen is here to help.
Criteria
- Age: 22 – 67
- Israeli citizen residing in Israel
- Net monthly income between ILS 3,000 – 15,000
- 12 consecutive months at the same workplace (or self-employed with 12 consecutive months of income)
- Two guarantors between the ages of 22 and 67 whose monthly income is at least 3,000 ILS (net) and who have been at the same workplace for 12 consecutive months
Any applicant who receives a pension from the National Insurance Institute (income support / child allowance / disability pension / survivors’ pension / old-age pension) may submit an application for a loan provided that the pension is at least ILS 3,000 a month. Kollel students may submit applications if the spouse earns at list ILS 3,000 from her workplace.
How do I begin?
Review the loan criteria and download the application form, complete it and send it to us by mail. Incomplete forms or forms sent by fax will not be reviewed.
Please attach the following:
- Copy of the applicant’s Israeli identity card and appendices, as well as those of the spouse.
- Financial information:
- Copy of your last pay stub, or other income verification (including scholarships and government support) for both you and your spouse.
- Self-employed applicants must submit verification from an accountant or financial advisor of net income over the past 12 months.
- Bank account details – bank name, branch number and account number
- Guarantor details – Please complete details on two guarantors on the application form. Applicants must attach copies of each guarantor’s most recent pay stubs and identity card.
- The Hebrew version of all documents is binding and serves as the basis for documents written in other languages.
You will receive a response to your request in the mail (not over the telephone).
Ogen’s Loan Committee may approve or reject any loan application or select the loan amount without giving a reason for its decision.
Your Loan Has Been Approved! Now What?
Once your loan has been approved, you will receive a letter with detailed instructions and conditions. You will need your two guarantors to sign the relevant forms at our office, at one of the branches of the First International Bank of Israel, or any branch of the Israeli Post Office, as explained in the instructions. Your own signatures on the loan documents can be made either in person at Ogen offices in Jerusalem or in front of a lawyer who will verify your signature, after which you can mail us the original documents. Once the loan documents are received by Ogen we will transfer the loan proceeds to your account.
One time handling fees will be paid when the loan is granted, as detailed in the approval letter. Loan repayment will take place through automatic withdrawal from your bank account according to the amount of the loan and your income level. Loan repayments not honored by the bank will incur interest fees.
Who May Not be a Borrower or Guarantor?
- Someone with a restricted bank account must wait one year after the restriction has been lifted.
- Someone who has filed for bankruptcy or has a file with the Executive Office may not be a borrower or guarantor.
- A loan candidate or current borrower may not be a guarantor and a guarantor may not be a borrower until the end of the loan term.
- An individual may only sign for one loan at a time at OGEN (as a borrower or guarantor).
- Spouses may not be guarantors for one another and may not be guarantors for two loans at the same time.
- People with income from the National Insurance Institute may not be guarantors.
- An employer may not be a guarantor for an employee and an employee may not be a guarantor for his/her employer.
Questions? Please view frequently asked questions to avoid unnecessary misunderstandings or delays. If you still have questions, please contact us.
