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 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.
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.
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