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
    8.95% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.85% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.45% Floating
    ₹575 to ₹8050
    35K - 25L
    5 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    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 333 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
      "Very interesting"
      0.5 4.0/5 "Great!"
      Very interesting ,very comfortable with the loan process, It was completed well within the time farme. I had received the loan amount. The fact is they are very much cooperative and they always focus on the customers need and they always try to provide the best customer service . I am a customer of this bank for about 4 months only did not experience anything negative It would be better if they send SMS before 2 days before due date.They had collected rs 4000 as documentation for the processing fee.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 07, 2017
    • Oriental Bank of Commerce Car Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      The Oriental bank of commerce gave good service in regards to my car loan application. They told that they can process my car loan but I had doubt about my credit score, so that was the reason I haven't proceed with OBC car loan. The customer service and the response was good with OBC. The rate of interest is nominal with OBC.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 24, 2017
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't find the car which I want to buy, but the Oriental bank was ready to offer the loan , so that was the reason I have asked them to close the car loan application. The customer support and response with OBC is good . The rate of interest is nominal with OBC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Oriental Bank of Commerce Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The rate of interest is very high with Oriental bank of commerce when compared with other banks, so that was the reason I haven't got the car loan with Oriental bank. The customer service and the response is average with Oriental Bank of Commerce.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 24, 2017
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      Right now I am not planning to buy a new car, so that was the reason I haven't got the car loan with Oriental Bank of Commerce. The customer service and their response is good with OBC. The rate of interest is low . I would say OBC gave better service in concern to my car loan application.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • Oriental Bank of Commerce Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      OBC has extended the plan to get the loan for my car after some time, so I did not go ahead with the Oriental bank of commerce for the finance of my car. They provided a good response and the loan amount that I had opted for was 8 lakhs and it was an average service.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 10, 2017
    • Oriental Bank of Commerce Car Loan
      "Loan interest should be flexible"
      0.5 2.0/5 "Expected more"
      Bank executive called me and I didn't compromise with Oriental bank of commerce norms. They offered me high rate of interest rather than SBI and they have some processing fee for the car loan. I just said to Oriental bank executive will get back but my application got closed.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 07, 2017
    • Oriental Bank of Commerce Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the car loan from HDFC bank because I got it with the same Interest as Oriental bank of commerce offered. so that was the reason I haven't got the car loan with Oriental bank of commerce. I haven't met any of the OBC executives but they gave me frequent calls and explained me about the product, they were prompt with their service. The rate of interest is nominal with OBC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Oriental Bank of Commerce Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      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 .So went ahead with another bank which provided better services. Not sure on the interest rate and charges the amount that I was in need is 8 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 07, 2017
    • Oriental Bank of Commerce Car Loan
      "Excellent"
      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 and for the GST issues, I have applied for 8.5 lakhs loan Their customer service was also good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 04, 2017
    • Oriental Bank of Commerce Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I did not go ahead with OBC for the car loan , because they were not ready to provide the car loan in the name of company. The response what they had provided was on time and the bank had informed me the details. Over all their banking process is really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 03, 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
      , bangalore
      Reviewed on Jul 01, 2017
    • Oriental Bank of Commerce Car Loan
      "Responce Was Not Good"
      0.5 2.0/5 "Expected more"
      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 Oriental bank need to concentrate on their customers in order to compete with other banks.I have applied for 30 lakhs loan.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 29, 2017
    • Oriental Bank of Commerce Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Due to my personal reasons I did not go ahead for the car loan. The customer services was good and they were prompt Since I have not taken the loan I do not wish to comment on the rate of interest and charges and frankly speaking its been so many days and I have no idea about ROI and the loan amount I have applied for four lakhs.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 29, 2017
    • Oriental Bank of Commerce Car Loan
      "Responce Was Not Good"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with Oriental Bank of Commerce. The team contacted me once and the reason I did not go with Oriental bank of Commerce for the car loan because the rate of interest was high 12% and They did have proper communications with me actually i had to call them and asked for the details.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 29, 2017
    • Oriental Bank of Commerce Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Due to my personal commitments, I had not availed the car loan from Oriental Bank Of Commerce . Hence I don't have any interest to process, but OBC gave me good service, they are the best in the market the rate of interest was minimal but not sure how much it is and the loan amount was trying to opt is around 2.50 lakhs
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 29, 2017
    • Oriental Bank of Commerce Car Loan
      "Average"
      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 contacted me on time but they did not provide the proper information about my loan application, I asked them to explain me in detail they just said the 11% of interest for you that it, Further there was no discussion and therefore I dropped the plan.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 29, 2017
    • Oriental Bank of Commerce Car Loan
      "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 10% and I have asked they to reduce it they straight away they cannot do that.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • 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
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