A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • OBC Bank MCLR Rate

    Oriental Bank of Commerce (OBC) is a public sector bank with its headquarters in Gurugram. Offering a wide range of products from deposit accounts to insurance products, and self-banking halls, OBC is a very people friendly bank. Also recognized for disbursing loans for amounts as small as Rs.75, the PSU has propelled self-employment and increased income levels in rural areas.

    Current OBC MCLR Rate -11 Jul 2020

    Tenure OBC MCLR Rates
    Overnight 7.50%
    1 Month 7.50%.
    3 Months 7.80%
    6 Months 8.00%
    1 Year 8.10%

    The MCLR Rates offered by OBC depends primarily depends on the loan tenure. The rate of interest applicable to overnight tenure loans stands at 7.50%. For one-month tenures, the interest rate applicable is also 7.50% while the rate of interest associated with three-month tenures stands at 7.80%. The MCLR rates for six-month and one-year tenures would be 8.00% and 8.10% respectively.

    Margin Table for Oriental Bank of Commerce’s Home Loan

    Loan Amount Minimum Margin
    Up to Rs.30 lakh 10%
    Above Rs.30 lakh and below Rs.75 lakh 20%
    Above Rs.75 lakh 25%
    For home furnishing 25% of the total cost of furnishing

    A margin is the part of the loan amount the applicant has to pay in order to avail a loan. For loans of up to Rs.30 lakh, the margin to be paid by the customer is 10%. For amounts above Rs.30 lakh and below Rs.75 lakh, the margin to be paid is 20%. And for loans above Rs.75 lakhs, the margin to be paid is 25%.

    For home furnishing, the margin will be 25% of the total cost of the renovation.

    Oriental Bank of Commerce’s (OBC) 1 Year MCLR Rate Historical Data

    Revised Date Overnight MCLR 1 Month MCLR 3 Months MCLR 6 Months MCLR 1 Year MCLR
    11 February 2020 7.50% 7.50% 7.80% 8.00% 8.15%
    10 January 2020 7.55% 7.60% 7.80% 8.00% 8.15%
    10 December 2019 7.70% 7.75% 7.90% 8.05% 8.30%
    10 November 2019 7.80% 7.90% 8.00% 8.15% 8.35%
    10 October 2019 7.85% 7.95% 8.10% 8.20% 8.35%
    10 September 2019 7.90% 8.00% 8.15% 8.30% 8.40%
    10 August 2019 8.15% 8.20% 8.35% 8.45% 8.55%
    11 July 2019 8.20% 8.25% 8.45% 8.55% 8.65%
    11 June 2019 8.30% 8.35% 8.50% 8.60% 8.70%
    13 May 2019 8.30% 8.45% 8.50% 8.70% 8.75%
    11 April 2019 8.30% 8.45% 8.50% 8.70% 8.75%
    11 March 2019 8.30% p.a. 8.45% p.a. 8.50% p.a. 8.70% p.a. 8.75% p.a.
    11 February 2019 8.30% p.a. 8.45% p.a. 8.50% p.a. 8.70% p.a. 8.75% p.a.
    11 January 2019 8.30% p.a. 8.45% p.a. 8.50% p.a. 8.70% p.a. 8.75% p.a.
    11 December 2018 8.30% p.a. 8.45% p.a. 8.50% p.a. 8.70% p.a. 8.75% p.a.
    12 November 2018 8.30% p.a. 8.45% p.a. 8.50% p.a. 8.70% p.a. 8.75% p.a.
    11 October 2018 8.30% p.a. 8.45% p.a. 8.50% p.a. 8.70% p.a. 8.75% p.a.
    11 September 2018 8.20% p.a. 8.35% p.a. 8.40% p.a. 8.60% p.a. 8.65% p.a.
    13 August 2018 8.20% p.a. 8.35% p.a. 8.40% p.a. 8.60% p.a. 8.65% p.a.
    11 July 2018 8.20% p.a. 8.35% p.a. 8.40% p.a. 8.60% p.a. 8.65% p.a.
    11 June 2018 8.20% p.a. 8.35% p.a. 8.40% p.a. 8.60% p.a. 8.65% p.a.
    11 May 2018 8.10% p.a. 8.20% p.a. 8.30% p.a. 8.45% p.a. 8.50% p.a.
    10 April 2018 8.10% p.a. 8.20% p.a. 8.30% p.a. 8.45% p.a. 8.50% p.a.
    12 March 2018 8.10% p.a. 8.20% p.a. 8.30% p.a. 8.45% p.a. 8.50% p.a.
    12 February 2018 8.10% p.a. 8.15% p.a. 8.20% p.a. 8.30% p.a. 8.35% p.a.
    11 January 2018 8.10% p.a. 8.15% p.a. 8.20% p.a. 8.30% p.a. 8.35% p.a.
    11 December 2017 8.10% p.a. 8.15% p.a. 8.20% p.a. 8.30% p.a. 8.35% p.a.
    13 November 2017 8.10% p.a. 8.20% p.a. 8.25% p.a. 8.30% p.a. 8.40% p.a.
    11 October 2017 8.10% p.a. 8.20% p.a. 8.25% p.a. 8.30% p.a. 8.40% p.a.
    11 September 2017 8.10% p.a. 8.20% p.a. 8.25% p.a. 8.30% p.a. 8.40% p.a.
    11 August 2017 8.10% p.a. 8.20% p.a. 8.25% p.a. 8.35% p.a. 8.45% p.a.
    11 July, 2017 8.10% p.a. 8.20% p.a. 8.25% p.a. 8.35% p.a. 8.45% p.a.
    12 June 2017 8.10% p.a. 8.20% p.a. 8.25% p.a. 8.35% p.a. 8.50% p.a.
    01 May 2017 8.25% p.a. 8.30% p.a. 8.45% p.a. 8.55% p.a. 8.60% p.a.
    03 April 2017 8.40% p.a. 8.45% p.a. 8.50% p.a. 8.55% p.a. 8.60% p.a.
    03 January 2017 8.40% p.a. 8.45% p.a. 8.50% p.a. 8.55% p.a. 8.60% p.a.
    30 November 2016 8.40% p.a. 8.45% p.a. 8.50% p.a. 8.55% p.a. 8.60% p.a.
    10 October 2016 9.10% p.a. 9.20% p.a. 9.25% p.a. 9.30% p.a. 9.40% p.a.
    01 July 2016 9.20% p.a. 9.25% p.a. 9.30% p.a. 9.40% p.a. 9.55% p.a.
    01 April 2016 9.35% p.a. 9.40% p.a. 9.45% p.a. 9.50% p.a. 9.60% p.a.

    OBC’s Housing Loan Eligibility Criteria

    • Individuals or the group of individuals applying need to have a stable source of income
    • They have to be salaried or self-employed individuals to avail Oriental Bank Home Loan
    • Should be at least 18 years of age
    • Shouldn’t be older than 70 years of age in the case of a salaried individual with pension and other individuals.
    • Shouldn’t be older than 60 years of age, in the case of a salaried, non-pensionable individual. In the event that the applicant’s superannuation has commenced, he will not be eligible for the loan regardless of the age.
      

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