Oriental Bank Of Commerce Car Loan

Oriental Bank Of Commerce offers a car loan at the rate of 9.15% for the female applicants and at the rate of 9.25% for the males. The bank provides a car loan for the long repayment tenure of 100-120 months whereas most of the bank in the industry provides a car loan only for the maximum period of 84 months. The OBC finances the 85% of the on road price of car including road tax,insurance and registration charges. The processing fee charged by the bank is 0.50% upto a maximum of Rs.7,000 and the OBC do not charges for the preclosure of loan.


Oriental Bank Of Commerce is a good fit for you if?

If You are looking for a loan tenure upto 10 years – Most of the banks in the industry allows a car loan upto a maximum tenure of 7 years. OBC is the bank providing a long repayment tenure of 100 EMIs for the loan amounting upto Rs.25 lacs and 120 EMIs for the loan amounting more than Rs.25 lacs. Andhra bank,Allahabad bank and most of the banks along with Bank of Maharashtra allows a loan tenure of 84 EMIs only.

If You're an aged businessman – Although for the salaried individuals Oriental Bank Of Commerce keeps an age bar of 65 years, but there is no upper age bar for the self employed individuals. Most of the banks have a upper cap of age for self employed too but OBC is different in this aspect.

If you are a woman – The Oriental Bank Of Commerce offers 0.10% discount in the interest rate for the woman applicants.

Oriental Bank Of Commerce Car Loan at a glance

Annual Interest Rate

9.15% - 9.25%

Loan Term

Upto 100-120 months

Loan Amount

Upto 85% of On-road price of car

Preclosure Charges

Nil

The Oriental Bank Of Commerce offers a car loan at the rate of 9.15% for females and 9.25% for males with a finance upto 85% of on road price of car. The on road price includes 1 year road tax, registration charges and First year insurance expenses.

The Bank offers a long repayment tenure of upto 100-120 months which is quite long if compared with the Vijaya bank and Karnataka bank who allows the maximum tenure upto 84 months. The bank charges 0.50% of the loan amount as processing charges in the range of Rs.500 to Rs.7,000.

Why Choose Oriental Bank Of Commerce?

For a longer repayment tenure – The OBC gives you a choice of flexible loan tenure upto 100-120 EMIs, which is not offered by most of the banks. So if you want to have a car loan for longer repayment tenure OBC have that option for you.

Nil prepayment,Documentation and Inspection charges – The Oriental Bank Of Commerce do not charges in case of prepayment of loan. It also do not charges the Documentation and inspection charges as well.

What to watch out for?

Penal interest charges – In case of skipping an EMI the Oriental Bank Of Commerce will charge you with the 2% penal interest over the normal rate of interest for the overdue period.

Guarantor required – The OBC requires a minimum monthly income of Rs.30,000 to be eligible for a car loan. If your income is less then Rs. 40,000 then you need a guarantee as well.

Compare Oriental Bank Of Commerce Car Loans to Other Banks

Bank Name Oriental Bank Of Commerce Allahabad Bank Corporation Bank

Typical APR

9.15% - 9.25%

9%

9% - 10.25%

Loan Term

Upto 100-120 months

Upto 7 years

Upto 7 years

Maximum Lending Amount

85% of the on road price

Upto 85% of On road price of car

Upto Rs. 1 crore

Processing Fee

0.50% of the loan amount

Rs.500 to Rs.7,000

0.50% of the loan amount

Max Rs. 8696

1% of the loan amount

Pre-Closure

Nil

2.28% of outstanding amount

Nil

Oriental Bank Of Commerce provides a car loan at the rate of 9.15%-9.25% per annum ; whereas its competitor Allahabad bank charges 9% per annum and Corporation bank charges between 9%-10.25% per annum. The OBC is granting a loan for a long repayment tenure with a maximum of 10 years and the other two peers are far behind at a maximum of 7 years. The Oriental Bank Of Commerce finances upto 85% of the on road price and the Corporation Bank provides a loan upto maximum of Rs.1 crore.

The processing charges of OBC are 0.50% of loan amount with a minimum of Rs.500 to a maximum of Rs.7,000. The Corporation bank charges 1% of the loan amount and Allahabad bank charges 0.50% upto a maximum of Rs.8696. The preclosure charges in case of early payment of loan at OBC are Nil. While the Allahabad bank charges 2.28% of outstanding amount for the same.

Am I Eligible?

  • Applicant can be a resident indian or a non-resident indian.
  • Minimum age of the borrower should be at least 21 years at the time of loan application.
  • Maximum age of the borrower should not exceeds 65 years in case of salaried,70in case of pensioner at the time of final repayment. There is no age bar on self employed individuals.
  • Applicant can be either an individual, a company or a partnership firm.
  • The maximum EMI can not exceed 60% of the net salary/income in a case where monthly income is less then Rs.50,000 and can not exceed 70% of net income in case of monthly income is more than Rs.50,000.
  • Applicant must be having minimum gross income of Rs. 3.6 lac per annum.
  • Guarantee in case of monthly income below then Rs.40,000 per month.
  • In case of NRI, loan to be applied jointly with a domestic resident (close relative).

Loan Offerings

OBC Vehicle Loan

  • Oriental Bank Of Commerce offers loan for car purchase under its "Vehicle loan" plan. The interest rate charged by the bank is 9.15% for the females and 9.25% for the males. The salaried individuals can avail the loan upto 65 years, the pensioners upto 70 years and there is no age bar for the self employed individuals.
  • The bank offers the borrower a long tenure of 100-120 months for the repayment of loan. The OBC finances upto 85% of the on road price of car including road tax, registration charge and insurance expenses. The bank charges 0.50% of loan amount as processing fee upto a maximum of Rs.7,000 and do not charges in case of preclosure of loan. The minimum income required to avail the car loan is Rs.3.6 lac per annum.
  • Documents required for Salaried applicants:
    • KYC Documents
    • Income proof
      • Form 16 / letter from Employer
      • Last 6 months salary slip
      • Last one year ITR
    • 3 passport photographs
    • Proforma invoice
    • Any other document which may be required from case to case.
  • Documents required for Self-Employed applicants:
    • KYC Documents
    • 3 passport photographs
    • Income proof
      • Last 3 years' ITR
      • Profit and Loss statement and Balance sheet.
    • Proforma invoice

Oriental Bank Of Commerce Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

OBC Vehicle Loan

9.15% - 9.25% per annum

How do I apply for Oriental Bank Of Commerce Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT"

At the Oriental Bank Of Commerce Online Portal

  • You can apply for Oriental Bank Of Commerce car loan online through their website by inputting some basic information along with your loan requirements.
    • You can visit the nearest Oriental Bank Of Commerce car loan, click here.
    • Fulfill all the details like your monthly income, loan amount required, purpose and the contact details and press the "Submit application" button.

At the nearest Oriental Bank Of Commerce Branch

  • To locate a branch near you click here. Enter your location/city and you will find a list of the branches available near you.
    • You can visit the nearest Oriental Bank Of Commerce branch with the necessary documents and can ask for an application form for car loan.
    • Attach all the necessary documents and re-check the application form for confirmation.
    • Submit the application form along with the documents.

After I Apply?

Check Loan Status Online

  • You can check the status of your loan application online by following the steps given below.
    • To check the status of your loan application online click here.
    • Click on the " Application status" button.
    • Provide your application reference no. or mobile no. and the status of your loan application will be on your screen.

Check Loan Status Offline

  • Through OBC Customer Care
    • Dial 1800-180-1235 from your registered number.
    • Dial 1 for hindi, 2 for english, 3 for punjabi.
    • After selection of language dial 1 for loan related queries.
    • Now wait as the IVR connects you to the representative. Provide your application reference no. and he will fetch you your loan application status.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50% of the loan amount

Rs.500 to Rs.7,000

Foreclosure Charges

Nil

Penal Charges

2% per month on overdue amount

Inspection Charges

Nil

Documentation Charges

Nil

The Oriental Bank Of Commerce charges 0.50% of the loan amount ranging from a minimum of Rs.500 to a maximum of Rs.7,000. The Allahabad bank also charges 0.50% upto a maximum of Rs.8696. The foreclosure charges are Nil at OBC; While the Allahabad bank is charging 2.28% of the outstanding amount for foreclosure of loan. The penal charges for the EMI bounce is 2% over the normal rate of interest on overdue amount and for overdue period. Inspection and documentation charges are Nil.

FAQs

On whIch MCLR basis the interest rate is calculated for the car loan?

The Oriental bank of commerce provides the car loan at the rate of one year MCLR+0.50%. The latest MCLR is 8.75% hence the interest rate for car loan is 9.25% with a concession of 0.10% for the female applicants.

What are the charges if i want to pay loan early?

The charges for paying the loan early at OBC is Nil as the bank do not charges for the prepayment of loan.