If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    We found 3 Oriental Bank of Commerce (OBC) Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.00% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.90% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
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    Fees & Charges
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    Eligibility Criteria
    11.50% Floating
    ₹575 to ₹8050
    35K - 25L
    5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Oriental Bank of Commerce (OBC) Car Loan Interest Rates is Rated as "Great!" by 315 Users

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    Overview About Oriental Bank of Commerce Car Loan

    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 2017

    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.

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  • Car Loan Reviews

    • Oriental Bank of Commerce Car Loan
      "Satisfactory service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with OBC and I am not happy with the services I received. They never contacted me nor provided the proper information about my loan application with the given time so I had to drop the plan and I had a plan of taking the loan amount of five lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Oriental Bank of Commerce Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Due to my personal reasons I did not go ahead for the car loan therefore I had postponed the plan. The customer services were good and they were prompt. OBC also continued to check about my requirement. Since I had not taken the loan I have no idea of rate of interest and I had applied for 4.5 lakhs loan.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jun 17, 2017
    • Oriental Bank of Commerce Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Due to my personal reasons I did not go ahead for the car loan therefore I had postponed the plan. The customer services were good and they were prompt. OBC also continued to check about my requirement. Since I had not taken the loan I have not discussed anything about the rate of interest as well.
      Was this review helpful? 0
      , mohali
      Reviewed on Jun 15, 2017
    • Oriental Bank of Commerce Car Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      OBC is doing good in the services as the contacted me on time and the overall experience was nice. I did not take the car loan because I had postponed my plans. The deal on the interest rate and processing charges was good. Overall a nice experience.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 12, 2017
    • Oriental Bank of Commerce Car Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      The car loan experience with OBC has not been up to the mark. The bank contacted me initially and later there was no follow up calls done as promised. So went ahead with another bank which provided better services. Not sure on the interest rate and charges.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jun 12, 2017
    • Oriental Bank of Commerce Car Loan
      "Need to be focused in the customers "
      0.5 1.0/5 "Really Bad"
      Oriental bank of Commerce neither bothered to process my my car loan application. The OBC never gave any kind of response after giving my requirement. Since there are many private banks available Oriental bank need to concentrate on their customers in order to give compete other banks. The rate of interest is low, when compared with others and they need to focus a lot in their customers . The additional charges can be negotiated with OBC.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jun 12, 2017
    • Oriental Bank of Commerce Car Loan
      "Be more clear in details"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with OBC for the car loan because I was not informed about the terms and conditions and I was asked to take the loan. These details should be informed to the customer in the beginning of the loan process while they were making the agreement. Not towards the latter. Else the interest rate and charges was okay.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2017
    • Oriental Bank of Commerce Car Loan
      "Very Average"
      0.5 2.0/5 "Expected more"
      I had applied for a car loan with Oriental Bank of Commerce. The team contacted me once and collected all my details the reason I did not go with Oriental bank of Commerce for the car loan because the rate of interest was high and I have asked they to reduce it they straight away they cannot do that
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 11, 2017
    • Oriental Bank of Commerce Car Loan
      "Interest rate is high"
      0.5 4.5/5 "Excellent!"
      Initially, I preferred Oriental bank of Commerce for the car loan where the interest rate was 9.1% but I could see lesser interest rate from OBC than HDFC bank. The interest rate was 8.6% hence I cancelled my loan with OBC and moved to HDFC bank. But the response and customer services are very nice with HDFC bank.
      Was this review helpful? 0
      , patiala
      Reviewed on Jun 10, 2017
    • Oriental Bank of Commerce Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had received very good response from Oriental bank when I applied for the car loan. The OBC is good in providing proper customer service as well. I had no issues with them during the process but I had to close my car loan application due to certain constrains.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 10, 2017
    • Oriental Bank of Commerce Car Loan
      "Delayed response"
      0.5 3.0/5 "Satisfactory"
      Since I wanted my car loan in a day or two, so I applied for a loan at OBC. The bank responded back only after three days. In the mean while I went ahead with another bank. OBC had a good deal of 9.1% but they did not have convenient repayment options.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 09, 2017
    • Oriental Bank of Commerce Car Loan
      "Response is good"
      0.5 4.0/5 "Great!"
      OBC has been overall good on my car loan. I have not been able to take the loan because I had to postpone my plans due to my personal reasons. The customer services and response has been good and on time. I did not go to the extent of discussing about the interest rate.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 09, 2017
    • Oriental Bank of Commerce Car Loan
      "Below average service"
      0.5 4.0/5 "Great!"
      The service and the response was good with Oriental bank of commerce but the process with my car loan application is not up to the mark with OBC. They Oriental bank need to be improved with the service otherwise they will be far behind, when compared with other banks. The rate of interest offered as per the market rate. The documentation process also need to be improved. I would say it was much below average service when compared with private banks.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 09, 2017
    • Oriental Bank of Commerce Car Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      The Oriental bank of commerce did not treat me well when I approached them for the car loan. The OBC is taking too much of time to process the loan. The rate of interest with OBC is competitive when compared with other banks. The service provided by OBC was very much average.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 09, 2017
    • Oriental Bank of Commerce Car Loan
      "Delayed response"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with OBC for the car loan as they delayed in contacting me. I expect to get a response on the very same day and more over there is a lot of competition in the market for the vehicle I was looking for. The interest rate was good when compared to other banks. The bank offered a rate around 11%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 09, 2017
    • Oriental Bank of Commerce Car Loan
      "They should provide alternate option"
      0.5 2.0/5 "Expected more"
      Oriental bank of commerce have rejected my application because, my credit score is not high, its very much close to the margin but they denied to process car loan. I actually wanted them to reach with the alternate option to take car loan. But they never turned up, I was expecting 100% of response from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 09, 2017
    • Oriental Bank of Commerce Car Loan
      "Fine"
      0.5 4.0/5 "Great!"
      I got a better deal from other bankers for the car loan and that's why I had not dealt with the Oriental bank of commerce for my car . Customer service was good one and other aspects were organized in a fine way, also reminders were good. In the mean time, I got better deal from them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2017
    • Oriental Bank of Commerce Car Loan
      "Good in response"
      0.5 5.0/5 "Blown Away!"
      The response was good from OBC. I had applied for a car loan and due to my personal reasons I did not proceed with the same. The whole process was on time and perfect and the charges was also normal. I had no issues as such and I would certainly suggest them to others.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 08, 2017
    • Oriental Bank of Commerce Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I did not go ahead with OBC because I had already taken my car loan from ICICI Bank. OBC did contact me promptly and inform me the details and they also had a very nice deal on the interest rate. It was around 8%. The processing charges were quite reasonable too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2017
    • Oriental Bank of Commerce Car Loan
      "Good in Response"
      0.5 4.0/5 "Great!"
      I applied for the car loan with Oriental bank of commerce but I did not get the loan from them. Because the interest rate is high with oriental bank. I got better interest rate from HDFC bank. Other than interest rate, customer service and response is good with OBC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2017
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