About Oriental Bank of Commerce Personal Loan
Oriental Bank of Commerce is a private sector bank in India and was established in Lahore. The bank offers personal loan to the government employees and for the corporate employees to meet personal expenses or expenses like marriage, education and family functions or to purchase consumer durables. The Oriental Bank of Commerce offers attractive rates of interest and flexible personal loan amount with nominal documentation and easy repayments. The maximum loan amount offered is Rs.5 lakhs and Rs.2 lakhs for the pensioners. Guarantor is required to avail an Oriental Bank of Commerce personal loan. The term to repay the loan for working borrower is 60 EMIs and for pensioners it is 36 EMIs and to be repaid before they turn 70 years of age.
Oriental Bank of Commerce Personal Loan Eligibility
The eligibility to avail Oriental Bank of Commerce personal loan is as follows:
For working applicants:
- Profile: The applicant must be a permanent employee of a Public Sector Undertaking or centre or state government department and other government institutions like universities or college whose salaries are being credited with Oriental Bank of Commerce.
- Age: The applicant must be above 21 years of age.
- Salary: The applicant’s net monthly salary must not be less than Rs.10,000.
- Conditions: The net take home salary should not be less than 30% of gross salary after the EMI for the proposed loan is deducted.
- Age: The applicant’s age must not exceed 68 years.
- Profile: The pensioners of Oriental Bank of Commerce are also eligible to the loan provided they don’t have any disciplinary actions pending against them.
- Conditions: The net take home pension should not be less than 50% of the gross pension after the EMI instalment for the proposed loan is deducted.
Factors affecting Oriental Bank of Commerce Personal Loan Eligibility
There are various factors that affect the eligibility criteria while taking a personal loan from RBL Bank.
- Residence: The chances of the loan being sanctioned to an applicant who lives in a metro city is higher. The banks prefer those who have a house of their own as then they will not have to pay rent and will have a higher disposable income.
- Income: If the applicant’s income is higher, then he will get loan for a higher amount as he can afford higher EMI.
- Age: Banks refrain from giving loans to young individuals as they keep changing jobs. The banks prefer those having a stable work life.
- Type of employment:The self-employed professionals and nonprofessionals are required to have higher work experience than compared to salaried individual and salaried professionals.
- Employment status: The banks prefer those who have been employed in a company for a longer period.
- CIBIL Score: The applicants’ CIBIL score and credit report is referred before the bank looks further into the applicant’s profile.
How CIBIL score affects your Oriental Bank of Commerce Personal Loan Eligibility?
The first thing Oriental Bank of Commerce does when they receive an application for personal loan is that they check the applicants CIBIL score.
The bank checks for the following:
- The repayment history and the credit available for the applicant.
- Credit and assets built by the applicant.
- The number of credit cards that the applicant has and how much credit he has utilized under them.
- The overall credit utilization.
- The bank also checks if the applicant has settled any loan. If the applicant has agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence Oriental Bank of Commerce might not offer you a personal loan as they might be unsure about your capacity to repay the loan.
- Capacity to repay the loan. This information can be gathered from the profile as it includes his income information and age and the assets that he has acquired through credit etc.
How to Increase Oriental Bank of Commerce Personal Loan Eligibility?
You can do the following to increase Oriental Bank of Commerce personal loan eligibility:
- Maintain a good credit history by making all the payments on time.
- Get lower EMIs on existing loans. Reduce the EMIs each month, it ensures that you do not miss out on making payments.
- Prepay the loans if you have lesser EMIs left on any loan. This closes the loan and the applicant will then have a higher disposable and stand a chance of getting a higher amount loan.
- Have both secured and unsecured loans, showing the bank that you have managed to attain some assets over the period of time and not just built credit.
- Don’t apply for too many loans as all the banks will run a credit check which gets recorded in the credit report.
- Don’t have too many credit cards. Though you may not have used the credit on all of the cards, it lowers your overall credit limit.
FAQs on Oriental Bank of Commerce Personal Loan Eligibility
Q. What are the age requirement for an individual to take Oriental Bank of Commerce personal loan?
A. At the time of taking the loan the minimum age requirement is 21 years and the applicant must be less than 68 years of age.
Q.What is the minimum salary requirement for a salaried individual to get a personal loan from Oriental Bank of Commerce?
A. The applicant’s net monthly salary must not be less than Rs.10,000. The net take home salary should not be less than 30% of gross salary after the EMI for the proposed loan is deducted.
Q.What is the requirement for a pensioner to avail personal loan from Oriental Bank of Commerce?
A. The net take home pension should not be less than 50% of the gross pension after the EMI installment for the proposed loan is deducted.
Q.What is the maximum loan amount offered as personal loan by Oriental Bank of Commerce?
A. The maximum loan amount for salaried individuals is Rs.5 lakhs and for pensioners it is Rs.2 lakhs.