Oriental Bank of Commerce offers a wide array of financial services such as corporate banking, private banking, medical insurance services, wealth management, NRI services and equity trading. The bank is also involved with government related functions such as PPF schemes and pension systems. Personal loans from Oriental Bank of Commerce are very popular among borrowers in the market. The bank offers personal loans at competitive rates, making it a preferred choice for loan borrowers. OBC Personal Loans can be availed for an amount ranging between Rs.50,000 and Rs.5,00,000. With minimum documentation and flexible repayment mechanisms, taking a personal loan from OBC (Oriental Bank of Commerce) is very easy.
The OBC personal loan can be repaid in monthly installments or EMIs that constitute the principal amount and applicable rate of interest. It is crucial to understand the breakup of the EMI amount before applying for a loan. Knowing the EMI amount that you will incur each month will help you determine the monthly budget as well as financial planning. Calculation of EMI manually is cumbersome and requires you to try out various combinations of loan tenures and loan amounts to reach an ideal EMI that fits your budget. You may be required to make repeated calculations over and over again, which can get tiring as well as taxing.
BankBazaar’s Personal Loan EMI Calculator is an online tool that can be used universally to calculate the installment amount towards a personal loan from OBC. The tool also gives a total breakup of all charges included in the loan. The calculator makes use of the amortisation table to generate an instant output.
To calculate EMI using the Personal Loan EMI calculator, you will have to visit BankBazaar’s home page. On the extreme right of the page, find the drop down menu and select ‘Finance Tools’. From the list under the tools, select ‘EMI calculator’. You are then required to enter loan details that include:
You will also have to select between the option of making or not making pre-payments towards the loan. Clicking on ‘Calculate’ generates the monthly EMI amount that you will incur towards the loan.
The OBC Personal Loan EMI Calculator uses the following formula to calculate the EMI:
E = P x R x (1+R)^n/[(1+R)^n-1]
Where, E is the EMI (Equated Monthly Installment)
P is the Principal amount
R is the monthly interest rate
n is the loan tenure in months
The loan EMI calculator also considers a processing fee that is charged by the bank for calculation of EMIs. It usually depends on the bank and ranges from 1% to 3%.
The online EMI calculator has many benefits for borrowers such as:
Yes, this tool is a generic tool and can be used to compare loan offers from other banks as well. All you have to do is change the data and the calculator will do its job automatically.
The calculations made using this universal tool is almost accurate as it uses a general formula to calculate EMI. However, there could be slight variations owing to additional charges of the bank.
Yes, loan comparison can also be made using excel sheets by programming a formula and then entering the data to generate EMI. Whereas, in an online loan EMI calculator has an automated formula which makes it ready to use.
OBC charges a processing fee of 0.50% of the loan amount with a minimum of Rs.500 along with Service Tax.
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