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Oriental Bank Personal Loan

Oriental Bank Personal Loan
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Oriental Bank of Commerce is an India-based bank established in Lahore and one of the public sector banks in India. Currently oriental bank of commerce is in 17th place in public sector of banks with total assets of 8237.958 crores. Oriental bank of commerce offers loan product like Education Loan, Home Loan, Auto Loan and Personal Loans. Oriental bank of commerce has two types of personal loan like Personal Loan for Govt. / PSU Employee, Personal Loan for Corporate Employee. Read on to learn about the eligibility and documentation requirements for Oriental bank personal loan


You’re probably eligible for an Oriental bank of commerce Personal Loan if you are

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Oriental bank of commerce Personal Loan Minimum Age

At least 21 years old

Oriental bank of commerce Personal Loan Maximum Age

Less than 58 years old

Oriental bank of commerce Personal Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

Oriental bank of commerce Personal Loan Minimum Income

Earn more than the minimum
income required


Your Oriental bank of commerce Personal Loan amount eligibility is based on these factors

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Oriental bank of commerce Personal Loan Minimum Salary

Minimum income required
Rs.10,000 per month

Oriental bank of commerce Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 5 lakhs

Oriental bank of commerce Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible Oriental bank of commerce Personal Loan amount by these steps

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Oriental bank of commerce Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“Oriental

Choose longer tenure loan up to 60 Months


Documentation needed to apply for an Oriental bank of commerce Personal Loan

  • 1. Signed application form with photograph
  • 2. Copy of passport/voter ID card/driving license
  • 3. Processing fee cheque
  • 4. Last 3 months bank statement/6 months bank passbook
  • 5. Documentation for salaried applicants:
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
  • 6. Documentation for self-employed applicants:

    • Latest Bank statement
    • Latest ITR or Form 16

Oriental bank of commerce Personal Loan Interest RatesUpdated on 21 Apr 2015

Oriental bank of commerce Personal Loan Details
Interest Rate (Floating) 11.25% - 13.50%
Processing Fees 0.50% of the Loan Amount with a min of Rs.500/- +Service tax
Loan Tenure 60 Months
Guarantor Requirement Guarantor required

Overview

About Oriental Bank of Commerce Personal Loan

Oriental Bank of Commerce (OBC) was founded in Lahore in the year 1943. Since, partition of India and Pakistan happened in the year 1947, the bank had to shift its headquarters from Lahore to Amritsar. Currently, the bank is one of the top nationalized banks of the country. Nationalization of the bank happened in the year 1980 after which the bank was strengthened greatly.

The bank acquired Bari Doab Bank and Punjab Co-operative Bank in the year 1996. Oriental Bank of Commerce is the seventh largest bank of India, among all the public-sector banks. In the year 2004, OBC took over Global Trust Bank which brought with it 103 branches. This raised the total number of OBC branches to 1,092, spread across the length and breadth of the nation. The bank has functions across a wide variety of financial services like private banking, corporate banking, wealth management, equity trading, NRI services and medical insurance services. The bank also deals with government related functions like pension systems and Personal Provident Fund schemes.

Oriental Bank of Commerce Personal Loans are very popular among loan borrowers. The competitive loan offers mixed with the assurance of public sector, make these personal loans an ideal choice for customers. These personal loans can be availed for a variety of reasons like wedding, house renovation, child’s education, a family vacation and so on.

Why choose Oriental Bank of Commerce Personal Loan?

Oriental Bank of Commerce Personal Loans are a great way to fulfill your urgent cash requirements without having to take out money from your savings. Also, with flexible payment tenures and amazing rates of interest, these personal loans are sure to make you feel at ease with expenses like a wedding in the family or a trip to an exotic location.

Attractive Rates of Interest: The rate of interest offered on Oriental Bank of Commerce personal loans is extremely competitive.


Flexible Personal Loan Amount: Personal loans availed can be anywhere between Rs.50,000 and Rs.5,00,000, depending upon the loan eligibility of the customer.


Nominal Documentation: Oriental Bank of Commerce ensures that you get your required personal loan without any hassles of copious paperwork. Hence, a few basic documents are all that is required to help you take care of all urgent/planned personal expenses.


Easy Repayments: Repayment of Oriental Bank of Commerce personal loans can be done either through cheque or through online EMIs, both of which are extremely easy to track and pay.

Features of Oriental Bank of Commerce Personal Loans

Personal loans offered by Oriental Bank of Commerce are great financial tools to help a customer sail through important and urgent financial needs. These needs can be as urgent as medical expenses or planned family vacations. Oriental Bank of Commerce makes sure your financial needs are met and met soon. These personal loans come at attractive interest rates and with flexible loan tenures, making sure you do not feel weighed down by the burden of your financial expenses.


Zero Prepayment Charges: Oriental Bank of Commerce does not charge a pre-closure fee in case a customer wishes to pay off his/her personal loan earlier than the loan tenure agreed upon. This features provides a great amount of financial flexibility to the customer, since he/she can choose to pay more whenever there is surplus cash without having to worry about pre-payment charges, which if levied, are considerable enough to avoid pre-payments.


Fast Loan Processing: Oriental Bank of Commerce has a quick turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get a loan disbursed to your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with Oriental Bank of Commerce.


Flexible Tenure: The loan repayment tenure is flexible and can be repaid in a maximum of 60 months. Pre-payment charges are nil and hence loans can be paid in before the stipulated loan tenure also.

How to apply for Oriental Bank of Commerce Personal Loans at BankBazaar.com?

Easy and quick online application of Oriental Bank of Commerce Personal loans can happen through the BankBazaar.com website. Since BankBazaar collaborates with Oriental Bank of Commerce, special customized quotations are made available for customers who apply through the BankBazaar.com website.


Step 1: Check your loan eligibility by filling in your details into the online eligibility tool. The tool will calculate your personal loan eligibility based on loan criteria set by Oriental Bank of Commerce and will let you know the personal loan quotations you are eligible to apply for.


Instant Loan Eligibility Check is a tool featured on the BankBazaar website which helps users check their eligibility online, instantly. This saves users time that is lost in visiting bank-branches and getting their eligibility checked for application of personal loans.


Step 2: The eligibility tool gives all possible loan quotations as per your eligibility; from these available quotations you can choose the most suitable loan option that fits your requirement as well as pocket.


Step 3: After you select a particular plan and click submit, you will receive an e-approval from BankBazaar.com when your application has been approved and submitted.

BankBazaar.com forwards your application to the concerned department at the nearest branch of Oriental Bank of Commerce. The bank will then get in touch with you regarding your personal loan application. The turnaround time is very quick. Meanwhile, you can track the status of your loan application via SMS or e-mail.

Oriental Bank of Commerce Personal Loan Interest Rates

Oriental Bank of Commerce Personal Loan interest rates are quite competitive and do not fluctuate randomly. This makes these personal loans attractive to avail. A table indicating the rate of interest and other charges as applicable on personal loans from Oriental Bank of Commerce is given below.

Loan Parameter For Salaried Employees For self-employed
Interest rate Minimum 12.5% (Base Rate +2.5%, floating) Minimum 13.5% (Base Rate +3.5%, floating)
Loan processing charges 0.5% of the loan amount 0.5% of the loan amount
Prepayment Yes Yes
Pre-payment charges Nil Nil
Late Payment Fee 2% of the outstanding loan amount 2% of the outstanding loan amount

Oriental Bank of Commerce Personal Loan Eligibility

To be eligible for Oriental Bank of Commerce personal loan, certain age and income related criteria are to be met. These are listed below and are subject to change as per bank’s norms.

Segment Permanent and confirmed employee of Public Sector Undertaking (PSU) and Centre / State Govt. Department
and other Government institutions like Universities/Colleges etc.
Permanent employee of Corporates and other reputed non-government organizations/institutions including college/schools etc.
(All these employees are required to have existing OBC bank accounts to their name)
Age Above 21 years of age
NOTE – This is the standard age eligibility across almost all banks in India
For pensioners, maximum age is 68 years
Job Continuity Should have a job and should have worked with the current employer for at least 3 years
Maximum Loan Amount Up to 15 times the net take home salary, maximum of Rs.5 lacs
For pensioners, the maximum loan amount is Rs.2 lacs

How to calculate EMI for Oriental Bank of Commerce Personal Loans

Calculation of your personal loan EMI is now as easy as just a few clicks of your computer’s mouse. The Online Personal Loan EMI Calculator tool featured on the BankBazaar.com website helps you find out the exact monthly payment that you need to make in order to pay off your Oriental Bank of Commerce Personal loan. The tool takes in the loan amount, loan tenure and the rate of interest as input and calculates your monthly EMI. This helps a customer in planning out his/her monthly expenses better. This tool also helps customers who are planning to avail a personal loan but are not sure whether they would be able to incorporate the EMI expense in their monthly budget. A higher than expected EMI can let users review their loan amount and tenure and adjust them suitably to reach the most-appropriate and viable EMI.

Oriental Bank of Commerce Personal Loan FAQs

  1. What is the loan amount limit on Oriental Bank of Commerce personal loans?
  2. The maximum personal loan amount that can be availed by a salaried employee is Rs.5 lacs. The maximum loan amount for pensioners is Rs.2 lacs.

  3. Does BankBazaar charge for using its Eligibility Calculator Tool?
  4. No. This Eligibility Calculator is absolutely free for use.

  5. Where can I get the Oriental Bank of Commerce Personal loan application form?
  6. An Oriental Bank of Commerce personal loan can be applied for directly on the BankBazaar website. The personal loan application form can be found, filled and then submitted through the BankBazaar website.

  7. Can the Oriental Bank of Commerce Personal Loan account be managed online?
  8. Yes. Oriental Bank of Commerce Personal Loan account can be handled online. You can also choose to receive your loan statement online on the email id registered with the company.

  9. What are the pre-closure charges for an Oriental Bank of Commerce Personal loan?
  10. There are no pre-closure charges for paying off your Oriental Bank of Commerce personal loan earlier than the expected loan period.

  11. Is there a processing fee for getting an Oriental Bank of Commerce personal loan sanctioned?
  12. A processing fee is charged upfront and depends upon the loan amount and tenure. Generally, it is 0.5% of the loan amount sought.

  13. Will I be able to track my online loan application through BankBazaar.com?
  14. Yes. BankBazaar provides real-time tracking facility through SMS as well as e-mails.

    Is there a late payment fee on repayment of Oriental Bank of Commerce Personal Loans?

    Yes. A late payment fee of 2% of the outstanding loan amount is charged in case your EMIs are delayed.

  15. What is the age eligibility required to be eligible for personal loan by Oriental Bank of Commerce?
  16. The Minimum age required for applicants is 21 years. For pensioners the upper age limit is 68 years.

  17. Is my data safe with BankBazaar.com, in case I choose to apply for an Oriental Bank of Commerce personal loan through this website?
  18. Yes. BankBazaar ensures high level of security via data encryption. The website also does not share your personal information with any third-party agents.

  19. Why should I apply for personal loans through BankBazaar.com?
  20. There are a number of reasons that make BankBazaar your preferred banking portal. Here are a few of them –

    • Online eligibility and EMI checks
    • Customized quotes on loans
    • Most-competitive interest rates active tie-ups with leading banks
    • Easy loan application process, from the comfort of your home

  21. Will BankBazaar charge me a fee for applying for an OBC personal loan through their website?
  22. No. BankBazaar does not charge you anything for using the website’s interface to apply for Oriental Bank of Commerce personal loans.

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