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    Oriental Bank of Commerce (OBC) Car Loan Interest Rates

    Oriental Bank of Commerce is a public sector bank that has its headquarters in Gurgaon, Haryana and was founded in 1943. Among its various offerings, Oriental Bank of Commerce provides easy to avail car loans for all those looking to own their dream vehicle. Loans are available on a variety of cars that are required for non commercial use. Customers can procure loans without the hassle of excess documentation and at competitive interest prices for a flexible loan repayment tenure. Availing car loans has never been easier thanks to Oriental Bank of Commerce.


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    Oriental Bank of Commerce Car Loan Interest Rates 2018

    Interest rates charged on any particular loan varies and this rate is an important factor considered by prospective customers. Oriental Bank of Commerce offers interest rates that vary between 10.20% to 10.45% based on the loan repayment tenure chosen by the client.

    In addition to this, loan tenures are also flexible with Oriental Bank of Commerce offering a tenure of up to 84 months. A maximum of Rs. 100 lakhs is offered as the loan amount for the purchase of four wheelers. Prior customers of Oriental bank of Commerce are also eligible for concession on the interest rates.

    Oriental Bank of Commerce Car Loan Rates Table

    Base Rate 9.10%
    Rate of Interest
    • If the loan tenure chosen by the customer is within 36 months then - 10.20%
    • If the loan tenure chosen by the customer is above 36 months (within 84 months) then - 10.45%
    Processing Fee Nil
    Loan Amount A maximum of Rs. 100 lakhs
    Loan Tenure Up to 84 months
    Income criteria A gross amount of Rs. 20000 per month
    Prepayment Charge Nil
    Documentation Charge Nil
    Up front fee Nil
    Margin 15% on on-road cost

    How to calculate interest rate on the Oriental Bank of Commerce Car Loan Interest Rates

    EMI or Equated Monthly Installments is the method through which loans are repaid to the bank and in essence this is the principal amount and the interest amount based on the rate of interest previously determined by Oriental Bank of Commerce. These EMIs are paid over a period of time chosen by customers in accordance with the bank and usually vary between 12-84 months. Customers, with the help of a simple formula can now calculate the EMI that they will have to pay each month to the bank. It is to be noted that with the progress in the tenure, there is a decrease in the interest amount and increase in the principal amount.

    The formula used for calculating EMIs are as given below -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Where E is the Monthly EMI, P is the principal amount, r refers to the interest rate applicable per month and n stands for the number of years.

    For example, if an amount of Rs. 1,00,000 at an interest rate of 9.10% is borrowed with a loan tenure of 1 year, the tentative total amount that is to be paid is Rs. 1,04,837 with the interest rate being around Rs. 4,837.

    For example, the following will be the amortization table for a car loan of Rs. 12,00,000 for a period of 3 years at an interest rate of 9.10% from Oriental Bank of Commerce.

    Year Total Payment Balance Principal Amount Interest Amount
    2015 Rs. 1,15,915 Rs, 11,04,064 Rs. 95,936 Rs. 19,979
    2016 Rs. 4,63,658 Rs. 7,38,606 Rs. 3,65,459 Rs. 98,200
    2017 Rs. 4,63,658 Rs. 3,33,073 Rs. 4,05,532 Rs. 58,126
    2018 Rs. 3,47,744 0 Rs. 3,33,073 Rs. 14,670

    The principal amount increases with the tenure as the rate of interest decreases until the loan is repaid completely. As described in the table above, the total EMI that would be paid will amount to approximately Rs. 13,90,974 whereas the total amount of interest that is paid will be around Rs. 1,90,974..

    Factors affecting Oriental Bank of Commerce Car Loan Interest Rates

    There are many different factors that have an impact on the car loan interest rates decided by Oriental Bank of Commerce. Some of the most important factors are given below -

    • Income - The minimum income required is a criteria set by most banks in order to decide the suitability of a customer availing a loan. The minimum amount is decided based on the occupation of the customer such as if he/she is salaried or self employed or if they are non-resident Indians etc. Based on the income, collaterals that are required also vary. Sometimes having a co-applicant may also help.
    • Loan repayment tenure - Generally it is believed that longer tenures are suitable and preferred as the EMI that is paid each month will be lesser, however customers may end up paying a lot more interest. Apart from this, longer tenures also signify more risk to the bank as there is a higher chance of loan payments getting hampered or interrupted due to unforeseen circumstances like accidents and such or even inflation. Therefore, higher rates of interest may be charged on longer tenures, which is why a shorter tenure is advisable.
    • CIBIL Scores - Credit Scores and the resultant CIBIL score is taken into account by banks. These credit scores are maintained by the Credit Information Bureau of India Limited. Having good credit scores is akin to a reassurance to banks that the customer can repay loans without much hassle. Therefore maintaining a good CIBIL score is important. In addition to this, having good CIBIL scores may also result in the bank providing better interest rates.
    • A prior relationship with the bank is another benefit that can be availed by borrowers as the process of procuring loans become a lot simpler and is more convenient. Customers who already have a working relationship with the bank can also avail certain concessions on their interest rates.
    • Down Payment - Down payment is mandated by certain banks while availing a loan. The higher the amount provided as down payment, lower is the interest rate charged on the loan as the amount to be repaid to the bank is less. A higher down payment is seen as less risky by the bank while providing loans and is therefore advised.
    • Car model - Cars are depreciating assets, as in their value decreases over time and this is seen more clearly in some models as compared to others. Also certain cars come with additional features that make it all the more expensive. These factors may result in the bank charging additional interest rates as the risk for banks increase. Banks need assurance that the customer will repay the availed loan with the applicable interest rate hence the type of car they are financing plays a role in the interest rate that is charged.

    How CIBIL scores affect Oriental Bank of Commerce Car Loan Interest rates

    The interest rates provided by Oriental Bank of Commerce varies based on certain important determinants. Top of the list is the CIBIL TransUnion Score. Credit Information Bureau India Limited or CIBIL keeps track of a person’s spends, repayment and general information regarding this. Additionally, if loans have been previously availed then the payment history and regularity of EMI payments is also taken into consideration. Those who present a lower risk in terms of loan repayment are given higher priority by banks while providing loans. CIBIL considers the above factors and provides a score which is the CIBIL TransUnion Score. This 3-digit number plays a very important role and varies between 300 to 900. Banks, lenders and financial institutions rely on this score and deem the customer eligible or not for procuring car loans. With higher scores, the chances of availing the loan of your choice with a good interest rate is greater as those with higher scores are considered to be less risky when it comes to repayment.

    Frequently Asked Questions (FAQs) about Oriental Bank of Commerce Car Loan Interest Rates

    • What is the maximum amount that is eligible to be loaned under the Oriental Bank of Commerce Car Loan scheme?

      The maximum amount provided as loan by Oriental Bank of Commerce for the purpose of purchasing four wheelers is Rs.100 lakhs.

    • What collateral or security should the applicant provide?

      Based on the vehicle that is to be purchased the collateral required varies. Apart from this, the income of the applicant also determines the collateral.

      For the purchase of four wheelers, in case the applicant’s gross monthly income is below Rs. 40000 then he/she should provide one personal guarantee that is acceptable to the bank.

      The security required is hypothecation of the vehicle purchased out of the bank loan and this is to be registered in the books of RTO.

    • Who all are eligible to procure a car loan from Oriental Bank of Commerce and are co-applicants allowed?

      People eligible to receive a car loan from the Oriental Bank of Commerce are salaried individuals with at least a year of service, professionals including doctors, self-employed people, Non-resident Indians and agriculturalists. Co-applicants for the car loan can be any of the family members such as father, mother, spouse, brother, son, son-in-law and daughter of the applicant.

    • What are the components of finance?

      One time Road tax, showroom price, registration charges along with the insurance cost for the first year.

    • What is the maximum loan amount admissible?

      In case the applicant is a professional, pensioner or a salaried individual then the maximum amount provided is 30 months of pension or gross salary provided that his/her net income is between 30%-40% as per the gross annual income.

      In case below Rs.50000 per month 40% In case it is above Rs. 50000 per month 30%

      If the applicant owns a business then cash generations are required.

      Apart from this, income of family members of the applicant can also be taken into consideration so as to meet the minimum income requirements.

    Car Loan Reviews

    • Oriental Bank of Commerce Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Recently I have got the card loan from the ORIENTAL BANK OF COMMERCE around 5 months ago. They took around 10 to 15 days time to disburse the loan amount. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the OBC car loan service.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 17, 2018
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan plan has postponed at present so that was the reason I haven't got the car loan from the ORIENTAL BANK OF COMMERCE. The customer support service gave me better response in regards to my car loan application. The over all service is good with the ORIENTAL BANK OF COMMERCE.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 08, 2018
    • Oriental Bank of Commerce Car Loan
      "Better service"
      0.5 1.0/5 "Really Bad"
      I haven't got any call backs from the ORIENTAL BANK OF COMMERCE in regards to my car loan application, their executives promised that they will give a call back for the documentation , but they never turned up, so that was the reason I haven't got the car loan from ORIENTAL BANK OF COMMERCE.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for the higher loan amount , but the ORIENTAL BANK OF COMMERCE initially promised that they can approve the required loan amount but they haven't done that , so that was the reason I haven't got the loan from ORIENTAL BANK OF COMMERCE. The response was good with the ORIENTAL BANK OF COMMERCE in regards to my car loan application but the miscommunication part need to be avoided.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • Oriental Bank of Commerce Car Loan
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      The loan process was good with Oriental Bank of Commerce but they took little bit more days for processing and the disbursement was very quick. The documentation process was normal and took some more time. They offered a interest rate of 8.95%.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Oriental Bank of Commerce Car Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      The customer services and response was better with Oriental Bank. They charged normal interest rate like other banks. I have purchased Reynolds Capture and I had taken car loan as 12L. The documentation process was simple and the executive came to my place to collect the documents.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jan 16, 2018
    • Oriental Bank of Commerce Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      It was a good experience with oriental Bank Of Commerce .it was a good customer service i received from the OBC for the car loan i applied for in that bank .the bank gave me all the required information for the car loan process i asked from them . I actually postponed my plan so i did not opt for the loan .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 29, 2017
    • Oriental Bank of Commerce Car Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      The service of oriental bank for my car loan service was good but I am disappointed with the response from oriental there is no proper response from oriental the process is very slow ,I never contacted their customer service it was a average service from oriental car loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 25, 2017
    • Oriental Bank of Commerce Car Loan
      "It Could Have Been More Better "
      0.5 1.5/5 "Bad"
      I am happy with the experience i had with oriental bank of commerce . The bank was not giving a full approval for the amount i asked for the loan . The Customer service was good but it could have been the best one i felt that . They did not provide it saying its against the policy . They directly said no they did not give it a try for once also . The Documents were collected for the loan process . But i did not avail for the loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • Oriental Bank of Commerce Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with Oriental Bank through online channel. They have requested for 3 year IT details. Since I don't have the documents, its been cancelled. The customer service and response is good. They have contacted me on time and provided the necessary information. There is no processing fee. ROI is 9%, it is nominal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 08, 2017
    • Oriental Bank of Commerce Car Loan
      "Little high Rate of interest"
      0.5 3.0/5 "Satisfactory"
      I had a decent experience with Oriental Bank in regards to the Car Loan appliaction I filed with them. They responded pretty neatly. Only thing I found the rate of Inrterest of 11 % looks a little on higher end. They could decrease their Interest rate a little.
      Was this review helpful? 0
      , amritsar
      Reviewed on Oct 29, 2017
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't got the car loan from Oriental bank of Commerce, because I got better option from other banks, so that was the reason I haven't processed my car loan with Oriental bank of commerce. The rate of interest is 9.24% which is nominal when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 23, 2017
    • Oriental Bank of Commerce Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from Oriental Bank of Commerce, i did not take tha loan bacause they were not giving the loan which i requested for. The customer service was good and responsive, they called me freqeuntly for followup. The rate of interest is less when compared to all other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 23, 2017
    • Oriental Bank of Commerce Car Loan
      "Good customer service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the car loan from Oriental Bank of Commerce, i did not get the loan because i changed my plan to get the loan. When it comes to customer service, it was good and they were responsive, The rate of interest is very less when compared to all other banks and i have also recommended few of my friends for the car loan.
      Was this review helpful? 0
      , amritsar
      Reviewed on Oct 21, 2017
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      The car loan process is not up to the mark with oriental bank of commerce. The customer support didn't gave proper response in regards to my car loan application. The rate of interest is nominal with oriental bank of commerce when compared with others.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The service was good with oriental bank of commerce, I have postponed the car loan plan to the next year. The rate of interest is low with oriental bank of commerce. At present I am looking for the personal loan so that was the reason I haven't got the loan from Oriental bank of Commerce.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Oriental Bank of Commerce Car Loan
      "excellent"
      0.5 4.5/5 "Excellent!"
      I have applied for my car loan with ORIENTAL bank. Their rate of interest was between 8-9% which was satisfactory and average in the market for 20 lakhs. The customer service and responses was also good but I have cancelled the application due to my personal reason . My overall experience was excellent.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 15, 2017
    • Oriental Bank of Commerce Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      They called me on time i can say it was a good customer service from the Oriental Bank of India from the bank side . The rate of interest given from the bank side was real low about 7% i really liked it and processing fee was not told to me . I kept it on hold from my side due to some problem . Rest everything i should say is fine .
      Was this review helpful? 0
      , kochi
      Reviewed on Oct 14, 2017
    • Oriental Bank of Commerce Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I postponed my plans in buying a vehicle for the next couple of months and I cancelled my application for the car loan with OBC. The bank done a good job by contacting me on time and informing me the details. I closed this bank because they had a good deal on the interest rate.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 09, 2017
    • Oriental Bank of Commerce Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Everything was fine with Oriental Bank of Commerce. They were happy to serve for my car loan They were very quick in contacting me and informing me the details. I did proceed ahead with them and the rate of interest was 9.10%. Without any charges they have just stamp duty for 300 to 400 rupees and I have done the down payment of 3 laks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 29, 2017
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