Are private-sector employees required to submit any security to avail a loan from Oriental Bank of Commerce?

No. However, the individual should submit a personal guarantee from a fellow employee.

Is there any pre-payment penalty?

No, the lender does not charge a pre-payment ability.

Under the Oriental Personal Loan Scheme For Corporate, what is applicable penal interest?

A penal interest of 2% will be applicable on the overdue sum.

Are self-employed individuals eligible to apply to Oriental Bank of Commerce for a personal loan?

No, the lender only offers personal loans to salaried government employees , private-sector employees, and pensioners.

Does the lender impose any restrictions on how the borrowed loan amount can be used?

No. You can use the loan amount to fund your travel expenses, purchase consumer durables, pay for medical treatments, etc.

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Oriental Bank of Commerce Personal Loan Eligibility

Merging of the Bank

Effective 1 April 2020, Oriental Bank of Commerce merged with Punjab National Bank and PNB will become the second largest lender of the country. For now there are no changes in Account Number and IFSC Code. For more information checkout Punjab National Bank Personal Loan Eligibility Calculator.

Oriental Bank of Commerce (OBC) offers three types of personal loans. The eligibility criteria for each of these loans are as follows:

Oriental Personal Loan Scheme for Govt - This scheme can be taken by individuals who are permanently employed with PSUs, central/state governments, government universities, etc. The applicant's net monthly income should be over Rs.10,000 to be eligible. Applicants who don't hold a salary account with Oriental Bank of Commerce should earn more than Rs.50,000.
Oriental Personal Loan Scheme For Corporate - Permanent employees or private-sector corporates and non-government institutions can apply for this loan, provided they earn a monthly income of Rs.10,000 or above. If the applicant does not maintain a salary account with the lender, the concerned individual's monthly income should be over Rs.50,000.
Oriental Personal Loan Scheme For Pensioners - Pensioners who are under the age of 75 years and family pensioners under the age of 70 years can borrow loans under this scheme.

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Oriental Bank of Commerce Personal Loan Eligibility Criteria

The eligibility criteria that prospective personal loan borrowers will have to meet in order to borrow a personal loan from Oriental Bank of Commerce are as follows:

Oriental Personal Loan Scheme for Government Employees

Criteria	Salaried Government Employees
Minimum Net Monthly Income(NMI)	Rs.10,000 if salary account is held with OBC; Rs.50,000 if salary account is not held with OBC
EMI to Gross Salary Ratio	Not lesser than 30% (after deducting EMIs)
Employment Type	Employees of state and?central government, PSUs, educational institutions, etc.
Salary Account with OBC	Not mandatory

Oriental Personal Loan Scheme For Corporate

Criteria	Salaried Government Employees
Minimum Net Monthly Income(NMI)	Rs.10,000 if salary account is held with OBC; Rs.50,000 if salary account is not held with OBC
EMI to Gross Salary Ratio	Not lesser than 30% (after deducting EMIs)
Employment Type	Employees of corporates and other non-government institutions
Work Experience	Minimum of 3 years is required
Salary Account with OBC	Not mandatory

Oriental Personal Loan Scheme For Pensioners

Criteria	Salaried Government Employees
Age	Under 75 years (regular pensioners); Under 70 years (family pensioners)
Net Pension to Gross Pension Ratio	Should not be lesser than 50%
Employment Status	Pensioners and family pensioners

Factors Affecting Oriental Bank of Commerce Personal Loan Eligibility:

Monthly Income: An individual who is a steady income in the form of monthly salary or pension is eligible to borrow a personal loan from Oriental Bank of Commerce. The monthly income of the individual will play a role in how much they can borrow from the lender. Those who earn more will be able to borrow more, and vice versa.
Salary Account: Oriental Bank of Commerce offers personal loans to individuals who hold a salary account with the bank and to those who don't. That said, those who hold a salary account with the bank qualify for a personal loan if they earn a monthly salary of Rs.10,000. On the other hand, those who don't hold a salary account with the lender will need to earn at least Rs.50,000 per month.
Employment Type: Oriental Bank of Commerce only offers personal loans to salaried government and private-sector employees and pensioners.
Work Experience: Private-sector employees who wish to borrow loans under the Oriental Personal Loan Scheme For Corporate will need to have a minimum work experience of at least 3 years. Lenders prefer to offer loans to individuals who have a good amount of work experience since it is likely that such applicants will be more financially stable.
Age: Pensioners who are looking to borrow personal loans from Oriental Bank of Commerce should be under the age of 75 years to qualify for the loan. Similarly, family pensioners who wish to avail loans should be under 70 years to be considered eligible.
CIBIL Score: Your CIBIL score indicates your repayment ability to Oriental Bank of Commerce. Thus, it is advisable to have a credit score over 700 to increase the likelihood of you being offered a personal loan at an affordable rate of interest.

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How to Improve Your Chances of Getting a Personal Loan from Oriental Bank of Commerce?

Check if You Meet the Eligibility Criteria: Before you apply for a loan to Oriental Bank of Commerce, ensure that you meet the pre-specified eligibility criteria. The lender will only approve your personal loan application if you meet the various specified eligibility conditions.
Try to Improve Your CIBIL Score: A CIBIL score of over 700 will help you secure a personal loan at a good rate of interest. To improve your CIBIL score, you should repay your existing debts without defaulting on EMI payments and utilize your credit limit effectively.
Repay Outstanding Loans: Any outstanding loans or debts that you may have can decrease your repayment capacity. Lenders are likely to take this into account when deciding whether to approve your personal loan applicant. Thus, repaying your existing loans/debts can help you borrow a higher loan amount from Oriental Bank of Commerce.

Oriental Bank of Commerce Personal Loan Details

Oriental Personal Loan Scheme For Govt.

Interest Rate	11.45% p.a.
Loan Amount	Up to 15 times the gross salary, subject to a maximum of Rs.15 lakh
Loan Tenure	Up to 60 months?
Processing Fees	0.5% of the loan amount, subject to a minimum fee of Rs.500, + GST

Oriental Personal Loan Scheme for Corporate

Interest Rate	12.45% p.a.
Loan Amount	Up to 15 times the gross salary, subject to a maximum of Rs.5 lakh
Loan Tenure	Up to 60 months
Processing Fees	1% of the loan amount + GST

Oriental Personal Loan Scheme For Pensioners

Interest Rate	10.95% p.a.
Loan Amount	Pensioners: Up to Rs.10 lakh (defence personnel); Up to Rs.5 lakh (others) Family pensioners: Up to Rs.5 lakh (defence personnel and others)
Loan Tenure	Up to 60 months
Processing Fees	1% of the loan amount + GST

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FAQs on Oriental Bank of Commerce Personal Loan Eligibility

Are private-sector employees required to submit any security to avail a loan from Oriental Bank of Commerce?
No. However, the individual should submit a personal guarantee from a fellow employee.
Is there any pre-payment penalty?
No, the lender does not charge a pre-payment ability.
Under the Oriental Personal Loan Scheme For Corporate, what is applicable penal interest?
A penal interest of 2% will be applicable on the overdue sum.
Are self-employed individuals eligible to apply to Oriental Bank of Commerce for a personal loan?
No, the lender only offers personal loans to salaried government employees, private-sector employees, and pensioners.
Does the lender impose any restrictions on how the borrowed loan amount can be used?
No. You can use the loan amount to fund your travel expenses, purchase consumer durables, pay for medical treatments, etc.

Important Personal Loan Pages

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