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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    Oriental Bank Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.05% Fixed
    Up to ₹7,000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Oriental Bank Car Loan is Rated as "Excellent!" by 13 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Oriental Bank of Commerce is an India-based bank established in Lahore is one of the public sector banks in India. The bank offers features such as internet banking, phone banking NRI banking etc. The bank has launched yet another people's participation in the planning process at grass root level essentially to tackle the maladies of poverty. The Grameen Projects venture aims to alleviate poverty plus identify the reasons responsible for the failure or success. They provide quality, innovative services with state-of-the-art technology in line with customer expectations. Continue reading to view more details about this loan.


    You’re probably eligible for an Oriental Bank Car Loan if you are

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    Oriental Bank Car Loan Minimum Age

    At least 21 years old

    Oriental Bank Car Loan Maximum Age

    Less than 65 years old

    Oriental Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Oriental Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Oriental Bank Car Loan amount eligibility is based on these factors

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    Oriental Bank Car Loan Minimum Salary

    Minimum income required
    Rs.20,000 per month

    Oriental Bank Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Oriental Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Oriental Bank Car Loan amount by these steps

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    Oriental Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Oriental Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Oriental Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Oriental Bank Car Loan Interest RatesUpdated on 29 Sep 2016

    Oriental Bank Car Loan Details
    Interest Rate Men : 10.05%
    Women : 9.95%
    Processing Fees 1% of LA, Min - Rs. 500 ; Max. Rs. 7000 + ST
    Pre Closure Charges Nil
    Loan Tenure 1 year to 7 years
    Guarantor Requirement Guarantor required

    Overview About Oriental Bank Car Loan

    OBC is one of the oldest public sector banks in India. Founded in 1943, the bank provides a plethora of loan products which includes vehicle loans for cars. With appealing features and low interest rates, the bank provides finance options for all types of private use cars and extends the scheme for second hand cars as well.

    Why choose Oriental Bank Car Loan

    The trust of public sector bank coupled with benefits such as “Zero” processing fee and high quantum of loan can help you derive the best out of your investment in a car. Car loan from OBC is available for all types of groups such as Salaried Individuals, Professionals, Agriculturalists, Business Entities and Non Resident Indians (NRI). The bank also allows co applicants to add weightage to the loan application.

    Features of Car Loan From Oriental Bank

    Best Financing

    Finance is available for cars of all types and makes. Quantum of loan can go as high as 15% of the “On Road” cost of the vehicle. This features ensures little burden on your wallet when it comes to your contribution.

    High Quantum of Loan

    The bank provides a maximum loan amount of up to 1 Crore. This feature ensures that you’re dream of owning a car of your choice is fulfilled. Plus, the income criteria is quite low at just Rs.20,000 per month.

    Low Rate of Interest

    Oriental Bank bills interest on the concept of reducing balance starting at just 10.50% for a loan tenure of 36 months. A concession of 0.25% is available for certain category of customers such as captive, home loan borrowers etc.

    Wide Repayment Tenure

    Up to 84 EMIs can be availed for repayment of the car loan which gives sufficient time to repay the loan. In terms of age, Salaried individuals who do not draw a pension can repay up to 60 years while the counterparts who are eligible for pension can do so for up to 65 years. No age bar for Business owners and Professionals.

    Why apply for a Oriental Bank Car Loan through BankBazaar.com?

    BankBazaar.com is a leading web marketplace dedicated to comparison of loan and other banking products. Applying for a car loan with us gives you an edge by helping you understand the rates and features. You can also get the best interest rates on car loans along with full support, from application to disbursal.

    Oriental Bank Car Loan Interest Rate

    As stated earlier, Oriental bank offers low interest rates based on the base rate system. The current rate of interest is Base Rate + 0.50% for all new cars. The base rate component is subject to periodic revision. Please check on official resources such as the bank’s web portal for latest base rate.

    Eligibility Criteria for a Car Loan from Oriental Bank

    • The applicant should be earning at least Rs.20,000 per month(Gross income).
    • Salaried applicants should have worked atleast an year in the current job. The experience from previous employers will also be considered to cover the minimum experience criteria .
    • Professionals including doctors are eligible to apply.
    • Business entities should be established for more than two years.
    • Non Resident Indians can apply with joint application from close relatives residing in India.
    • Agriculturalists are eligible depending on their repayment capacity and land holding.

    How to calculate EMI on Oriental Bank Car Loan

    Ascertaining EMI before availing a car loan helps in deciding the terms of the loan such as the tenure. Use the Car Loan EMI calculator available under the “Finance Tools” section of this website to calculate the monthly installment value. This tool not only helps in ascertaining the value, but also gives a salient breakup of the various components involved in the car loan such as total interest charges, amortisation details etc.

    Before you begin, keep handy, information such as the Loan Amount, Tenure(In Years and Months), Rate of Interest and Processing fee(if any).

    Once you have this data ready, use the sliders on the scale to choose the Loan Amount & Tenure. Provide the Interest Rate and Processing fee, both in percentage. If you would like to make Pre payments at frequent intervals, provide the details, else, Click “Calculate”.

    A detailed breakup of all the key financials would now appear on the screen for reference.

    Oriental Bank of Commerce Car Loan FAQs

    1. What type of four wheelers can be purchased using Oriental Bank of Commerce Car Loan?
    2. Oriental Bank of Commerce Car Loan can be used to purchase all variants of four wheelers, both new and second hand. The vehicle is to be registered as private vehicle for non - commercial uses only.

    3. What is the minimum income criteria for Oriental Bank of Commerce Car Loan?
    4. To apply for an Oriental Bank Car Loan, the applicant must be earning a gross monthly income of at least Rs. 20, 000.

    5. What is the eligibility criteria for Oriental Bank of Commerce Car Loan?
    6. The following class of applicants can apply for an Oriental Bank Car Loan.

      • Business entities with an established business for at least 2 years
      • Professionals including doctors
      • Salaried individuals with at least a year of service.
      • Agriculturists
      • Non Residents Indians - can apply jointly with Resident Indians who are close relatives of the NRI applicant
      • The applicant must also be earning a minimum gross monthly income of Rs, 20, 000.

    7. Who can apply as co - applicants for Oriental Bank of Commerce Car Loan?
    8. The applicant’s spouse, mother, father, son, unmarried daughter, brother and daughter - in - law can register as co - applicants for the car loan.

    9. What is the maximum loan quantum offered under Oriental Bank of Commerce Car Loan?
    10. A maximum of Rs. 100 lakhs is offered for the purchase of two wheelers under Oriental Bank Car Loan.

    11. When is the reimbursement of finance done for cars purchased with Oriental Bank of Commerce Car Loan?
    12. For cars purchased from an authorized automobile dealer out of the borrower’s own funds, the reimbursement of finance will be done within 3 months of purchase.

    13. What should I present as security for Oriental Bank of Commerce Car Loan?
    14. Hypothecation of the new four wheeler (cars and MUVs) purchased out of Oriental Bank car loan is the prescribed security. Also, the hypothecation charge will be registered in RTO books.

    15. Do I have to furnish any collateral security for Oriental Bank of Commerce Car Loan?
    16. Yes, the applicant has to present one personal guarantee acceptable to Oriental Bank in case the gross monthly income is less than Rs. 40, 000.

    17. What is the margin for Oriental Bank of Commerce Car Loan?
    18. The margin for Oriental Bank of Commerce Car Loan is set at 15% of the vehicle’s on road cost.

    19. What components of the four wheeler’s cost are financed by Oriental Bank of Commerce Car Loan?
    20. The showroom price, registration charges, first year insurance costs and one time road tax will be financed by Oriental Bank Car Loan.

    21. In case of business entities applying for Oriental Bank of Commerce Car Loan, how is the eligible loan amount calculated?
    22. In case of business entities, the maximum car loan amount is decided based on the cash generations to repay the proposed loan.

    23. Can I include my family member’s income to arrive at the required income when applying for an Oriental Bank of Commerce Car Loan?
    24. Yes, the income of family members including brother, mother, father and spouse can be considered to arrive at the required Net take home income and eligibility while applying for Oriental Bank car loan.

    25. In case of salaried applicants, how is the maximum loan amount calculated?
    26. In case of pensioners, professionals and salaried applicants, the maximum car loan amount will be equivalent to 30 times the gross monthly salary or pension provided that the net take home income (which is gross annual income minus IT deductions, proposed loan EMIs and all other deductions) falls in 30% to 40% slab as per Gross Annual Income.

      Income up to Rs. 50, 000 per month

      40%

      Income above Rs. 50, 000 per month

      30%

    27. What is the maximum repayment tenure that a borrower can avail?
    28. Oriental Bank of Commerce Car Loan borrowers can choose a maximum repayment term of up to 84 EMIs.

    29. For salaried applicants who will not earn any pension, what is the maximum age limit for Oriental Bank of Commerce Car Loan?
    30. For salaried applicants who will not earn any pension, they must finish the car loan before they are 60 years old or superannuation, whichever comes earlier.

    31. For salaried applicants who will earn pension after retirement, what is the maximum age limit for Oriental Bank of Commerce Car Loan?
    32. Salaried applicants who will earn pension must repay the loan before they are 65 years old provided that they have regular income source.

    33. Do Oriental Bank of Commerce offer any concession for existing loan borrowers?
    34. Yes, Oriental Bank offers an interest rate concession of 0. 25% for existing group of employees and home loan borrowers who have been regular in repayment.

    35. Will I Incur any penalty if I prepay my Oriental Bank of Commerce Car Loan?
    36. No. For foreclosure of Oriental Bank of Commerce Car Loan, no penalty is charged.

    37. What is the maximum amount of financing that will offered for the purchase of second hand cars?
    38. For second hand cars, a maximum of Rs. 25 lakhs will be offered as loan.

    39. What is the margin for second hand cars to be purchased with Oriental Bank of Commerce Car Loan?
    40. The margin for second hand cars is set at 20% (under TVS) and 30% (under non-TVS) of the market value which has to be assessed by a valuer or the purchase value of the second hand car, whichever is lower.

    41. What is the prevailing interest rates for purchase of used cars with Oriental Bank of Commerce Car Loan?
    42. The interest rate for second hand car loans with tenures up to 60 months is set at Base rate + 3.00% which is currently set at 12. 70%. Do enquire with Oriental Bank of Commerce about the prevailing rate of interest for car loans before applying as they are subject to frequent change.

    43. What is the rate of interest applicable if I purchase a new car with an Oriental Bank of Commerce Car Loan?
    44. The following table describes the prevailing interest rates for new cars to be purchased with Oriental Bank of Commerce Car Loan.

      Tenure

      Interest Rates

      Up to 36 months

      Base Rate + 0. 50%

      Currently set at 10. 20%

      Up to 84 months

      Base Rate + 0. 75%

      Currently set at 10. 45%

    45. What are the processing charges for Oriental Bank of Commerce Car Loan?
    46.  

    47. At present, the borrowers are not being charged any processing fee for Oriental Bank of Commerce Car Loan. Do enquire with Oriental Bank about the prevailing fees and charges for car loan before applying as the rates are subject to frequent change.
    48. I am planning to purchase a second hand car with Oriental Bank of Commerce Car Loan. What documents pertaining to the vehicle do I have to submit?
    49. You will have to submit the following documents related to the vehicle.

      • Agreement of sale between purchaser and seller
      • Copy of receipts of up to date deposit of taxes including road tax
      • Latest quotation of the vehicle from an authorized dealer
      • Particulars of the vehicles to be purchased
      • Copy of registration certificate of the vehicle. Original RC must be produced at the time of disbursement.

    50. Does Oriental Bank of Commerce offer any customer support services for car loan borrowers?
    51. Yes, Oriental Bank of Commerce Car Loan borrowers can contact the bank through the toll free number 1800 180 1235 and get their queries answered. Alternatively, they can also visit the nearest Oriental Bank of Commerce branch to get clarity on the car loan application process.

    52. What income documents does an agriculturist have to submit while applying for Oriental Bank of Commerce Car Loan?
    53. Agriculturists must submit any record of land holding and cropping pattern in addition to other income documents, if available.

    54. I am a self employed applicant. What income documents do I have to submit while applying for an Oriental Bank of Commerce Car Loan?
    55. Self employed applicants will have to submit the Income Tax return statements for the last 3 years and bank account statements as income documents while applying for an Oriental Bank of Commerce Car Loan.

      Age of vehicle

      Repayment Period

      If car is up to 2 years old

      60 months

      If car is older than 2 years but not more than 3 years28) What are the repayment tenure options available for purchase of second hand car using Oriental Bank of Commerce Car Loan?

      48 months

      If car is older than 3 years but not more than 4 years

      36 months

       

    56. How can I get the application form for Oriental Bank of Commerce Car Loan?
    57. The application form for Oriental Bank of Commerce Car Loan can be downloaded from the bank’s web portal. The customer can also visit the nearest branch office to procure an application form.

    58. Can I use Oriental Bank of Commerce Car Loan to purchase a car intended for commercial use?
    59. No, only cars intended for personal use can be purchased with Oriental Bank of Commerce Car Loan.

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