OBC Personal Loan EMI Calculator

OBC personal loans are offered at attractive interest rates so that your EMI can be as low as Rs.2,172 per lakh. The interest rate on the Oriental Bank of Commerce personal loan starts from 10.95% p.a.

Example – If you have taken a personal loan of Rs.2.5 lakh from OBC at an interest rate of 13.76% p.a., you will be charged a processing fee of 1%. Based on this, the loan repayment details for different tenures are as indicated above.

How to use BankBazaar Oriental Bank of Commerce personal loan calculator?

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 repayment 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:

• Amount to be borrowed,
• Interest rate being offered,
• Loan tenure chosen and processing fee charged by the bank.

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.

How does the EMI calculator work?

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%.

Features and Benefits

The online EMI calculator has many benefits for borrowers such as:

• Ease of use – Calculations on this tool can be done effortlessly. This enables you to make comparisons between various banks offering different loan rates and make quick decisions.

• Speed of Calculation – Using the online calculator, you can determine the EMI amount in seconds, rather than manually calculating for hours. This efficient system allows you to explore various loan tenure options, interest rates, and loan amounts to arrive at a suitable EMI.

• Accuracy – The personal loan EMI calculator is more accurate than manual calculation as the latter has a high risk of error. As there are multiple calculations involved in selecting the right loan for you, this online tool is ideal.

• Graphic Representation – The online tool not only provides you with the EMI amount but also gives you a graphical representation of the loan details in the form of a pie diagram. The diagram shows you the principal amount, rate of interest, and processing fee.

• Use of Repayment Table – EMI calculator uses repayment table to depict the loan progress over time. It shows you how much of the loan you will have repaid each year, in terms of the principal and interest.

OBC Personal Loan Calculator FAQs

1. Can I use this tool to compare loans offers from other banks as well?

   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.

2. Is the information generated by the calculator accurate?

   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.

3. Can I use excel sheet to calculate and compare EMIs of various loans offered by different banks with OBC?

   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.

4. At what rate does Oriental Bank of Commerce charge a processing fee for personal loans?

   OBC charges a processing fee of 0.50% of the loan amount with a minimum of Rs.500 along with Service Tax.