Oriental Bank of Commerce Car Loan Overview
Oriental Bank of Commerce makes owning a car very easy by offering an affordable vehicle loan scheme with competitive interest rates and higher loan amounts. The Oriental car loan scheme can be procured for all types of four-wheelers and two-wheelers, irrespective of the make and model. Oriental Bank of Commerce also offers car loans at a concessional rate of 0.25% depending on the banking relationship of existing OBC customers, OBC home loan borrowers and OBC employees. OBC vehicle loans can be repaid with flexible tenures ranging up to 84 months and can be decided as per the requirements of borrowers.
Oriental Bank of Commerce Car Loan Eligibility
- Salaried individuals should be permanently employed at a reputed organisation for a minimum of 1 year to qualify for an OBC car loan. Previous work experience can also be considered to fulfill this requirement.
- Self-employed professionals like doctors can also apply for an Oriental Bank of Commerce car loan.
- Business organisations are eligible to apply, provided they have been in business for atleast a period of two years.
- Agriculturists can also apply and OBC will sanction car loans depending on their repayment capability and land holdings.
- Non-resident Indians (NRIs) need to apply for an Oriental Bank of Commerce car loan as a joint application along with a resident Indian, who has to be a close relative.
- Applicants for four-wheeler loans need to furnish a minimum gross income of Rs 20,000/- per month.
- The eligible loan amount for salaried individuals, professionals and pensioners will be calculated based on the monthly gross income and the pension amount of an applicant. Up to 30 months’ gross salary would be sanctioned provided the net take home after deductions meets the requisite criteria. Businesses should furnish sufficient cash flow for assured loan repayments.
- Joint applications can be made to improve the eligibility or net take home amount by adding your spouse and other family members.
- Salaried non-pensionable individuals can be aged up to a maximum of 60 years when they repay the car loan.
- Salaried individuals with pension can be aged up to a maximum of 65 years when they repay the car loan.
- Businessmen and professionals do not have an age limit criteria when they opt for a particular loan tenure.
Factors affecting Oriental Bank of Commerce Car Loan Eligibility
Oriental Bank of Commerce sanctions car loans only after an applicant fulfills the required eligibility criteria. There are a few factors which can majorly affect an applicant’s eligibility criteria. Here are a few aspects that banks generally consider while approving a loan.
Profession - The eligibility criteria for an applicant sometimes varies depending on the profession the individual is engaged in. Banks require applicants to be in a profession with a steady income, with sufficient funds to repay the car loan.
CIBIL Score - Having a good CIBIL score is very important for any individual planning on taking any kind of loan. Individuals who are able to efficiently manage their liabilities and pay bills on time always carry a good credit score. Car loan approvals are easy to get when you have a good credit history. On the other hand, a low score only brings down your chances of getting quick and hassle-free sanctions.
Age - Most banks always have an age limit, while approving a car loan. Applicants who still have sufficient working years ahead of them, might get quick sanctions but individuals nearing retirement age might not get higher amounts approved. Banks generally consider the repayment capacity of an applicant while approving a car loan and ensure that individuals have the financial strength to repay the loan comfortably.
How do you increase your eligibility for an Oriental Bank of Commerce Car Loan?
- Make joint applications along with your family members like spouse, parents or siblings, so that the co-applicant’s income can also be considered to improve the eligibility. This will help you get sanctions for higher loan amounts.
- When you apply for a new loan, make sure you don’t carry forward any extra liabilities or debts. If possible, pay off all your pending loans and debts, so that your eligibility for a new OBC car loan increases drastically.
- Showing extra sources of income and savings might help you get higher loan amounts from banks, as this assures the lender that the applicant can comfortably repay the car loan.
Oriental Bank of Commerce Car Loan Eligibility Calculators
Car loan eligibility calculators have been designed specially to help prospective borrowers understand if they fulfill the eligibility criteria when they avail a particular bank loan. These tools require only few inputs and customers can have their eligibility calculated in a matter of seconds. Customers need to enter details like name, date of birth, make or model of the car, profession, income and on-road price into the car loan emi calculator. Based on these inputs, the tool displays information with regards to an applicant’s eligibility for an Oriental Bank of Commerce car loan.
