Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Oriental Bank Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.65% - 11.65% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time : Within 30 minutes
    Guarantor Required Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Oriental Bank Personal Loan is Rated as "Pretty good" by 67 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Oriental Bank Personal Loan

    Oriental Bank of Commerce is an India-based bank established in Lahore and one of the public sector banks in India. Currently oriental bank of commerce is in 17th place in public sector of banks with total assets of 8237.958 crores. Oriental bank of commerce offers loan product like Education Loan, Home Loan, Auto Loan and Personal Loans. Oriental bank of commerce has two types of personal loan like Personal Loan for Govt. / PSU Employee, Personal Loan for Corporate Employee. Read on to learn about the eligibility and documentation requirements for Oriental bank personal loan


    You're probably eligible for an Oriental bank of commerce Personal Loan if you are

    01
    02
    03
    04

    At least 21 years old

    Less than 58 years old

    Salaried / Self “ Employed
    with regular income

    Earn more than the minimum
    income required


    Your Oriental bank of commerce Personal Loan amount eligibility is based on these factors

    01
    02
    03

    Minimum income required
    Rs.10,000 per month

    Maximum allowed personal loan is Rs. 10 lakhs

    EMIs of other loans lower
    your eligibility


    Increase your eligible Oriental bank of commerce Personal Loan amount by these steps

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 60 Months


    Documentation needed to apply for an Oriental bank of commerce Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Oriental bank of commerce Personal Loan Interest RatesUpdated on 17 Dec 2017

    Oriental bank of commerce Personal Loan Details
    Interest Rate 10.65% to 11.65%
    Processing Fees 0.50% of the Loan Amount
    Loan Tenure 60 Months
    Guarantor Requirement Guarantor required

    Oriental Bank of Commerce (OBC) was founded in Lahore in the year 1943. Since, partition of India and Pakistan happened in the year 1947, the bank had to shift its headquarters from Lahore to Amritsar. Currently, the bank is one of the top nationalized banks of the country. Nationalization of the bank happened in the year 1980 after which the bank was strengthened greatly.

    The bank acquired Bari Doab Bank and Punjab Co-operative Bank in the year 1996. Oriental Bank of Commerce is the seventh largest bank of India, among all the public-sector banks. In the year 2004, OBC took over Global Trust Bank which brought with it 103 branches. This raised the total number of OBC branches to 1,092, spread across the length and breadth of the nation. The bank has functions across a wide variety of financial services like private banking, corporate banking, wealth management, equity trading, NRI services and medical insurance services. The bank also deals with government related functions like pension systems and Personal Provident Fund schemes.

    Oriental Bank of Commerce Personal Loans are very popular among loan borrowers. The competitive loan offers mixed with the assurance of public sector, make these Personal Loans an ideal choice for customers. These personal loans can be availed for a variety of reasons like wedding, house renovation, childs education, a family vacation and so on.

    Why choose Oriental Bank of Commerce Personal Loan?

    Oriental Bank of Commerce Personal Loans are a great way to fulfill your urgent cash requirements without having to take out money from your savings. Also, with flexible payment tenures and amazing rates of interest, these personal loans are sure to make you feel at ease with expenses like a wedding in the family or a trip to an exotic location.

    Attractive Rates of Interest: The rate of interest offered on Oriental Bank of Commerce Personal Loans is extremely competitive.

    Flexible Personal Loan Amount: Personal loans availed can be anywhere between Rs.50,000 and Rs.5,00,000, depending upon the loan eligibility of the customer.

    Nominal Documentation: Oriental Bank of Commerce ensures that you get your required personal loan without any hassles of copious paperwork. Hence, a few basic documents are all that is required to help you take care of all urgent/planned personal expenses.

    Easy Repayments: Repayment of Oriental Bank of Commerce personal loans can be done either through cheque or through online EMIs, both of which are extremely easy to track and pay.

    Personal loans offered by Oriental Bank of Commerce are great financial tools to help a customer sail through important and urgent financial needs. These needs can be as urgent as medical expenses or planned family vacations. Oriental Bank of Commerce makes sure your financial needs are met and met soon. These Oriental Bank of Commerce personal loans come at attractive interest rates and with flexible loan tenures, making sure you do not feel weighed down by the burden of your financial expenses.

    Zero Prepayment Charges: Oriental Bank of Commerce does not charge a pre-closure fee in case a customer wishes to pay off his/her personal loan earlier than the loan tenure agreed upon. This features provides a great amount of financial flexibility to the customer, since he/she can choose to pay more whenever there is surplus cash without having to worry about pre-payment charges, which if levied, are considerable enough to avoid pre-payments.

    Fast Loan Processing: Oriental Bank of Commerce has a quick turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get a loan disbursed to your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with Oriental Bank of Commerce.

    Flexible Tenure: The loan repayment tenure is flexible and can be repaid in a maximum of 60 months. Pre-payment charges are nil and hence loans can be paid in before the stipulated loan tenure also.

    You can avail personal loans from Oriental Bank of Commerce to meet a financial need such as weddings, education etc. The final interest rate is dependent on two of key factors: the MCLR benchmark and Base Rate. Any changes in these will affect the interest payable. If loan is taken after April 1st, 2016, the interest will be charged using the MCLR system.

    Oriental Bank of Commerce Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    According to RBIs guidelines, OBC introduced MCLR benchmark rates which are shown in the table below. These benchmarks are expected to change on a regular basis. Fluctuations in current economic conditions will reflect in these rates, offering customers a stable interest platform.

    MCLR Benchmark Tenure (Period)Benchmark Rates (MCLR)
    Overnight9.35%
    1 month9.40%
    3 months9.45%
    6 months9.50%
    1 year9.60%

    Personal loan interest rates (MCLR)

    Oriental Bank of Commerce can charge differential rates and depends on the tenure, purpose and loan quantum. The bank will add certain percentage points to the MCLR benchmark in most cases which makes the final interest higher than the current MCLR. Depending on the relationship of the customer with the bank, he/ she may be able to avail a discount on the interest. As a new borrower, you will be required to pay interest as per the new MCLR benchmark.

    Oriental Bank of Commerce Base Rate (For existing borrowers)

    Base Rate9.70% per annum (from September 30, 2015)

    Note: Interest rates mentioned above are valid as of June 15, 2016. They are subject to change without prior intimation thus borrowers must check the rates with the bank before applying.

    To be eligible for Oriental Bank of Commerce personal loan, certain age and income related criteria are to be met. These are listed below and are subject to change as per banks norms.

    Segment Permanent and confirmed employee of Public Sector Undertaking (PSU) and Centre / State Govt. Department and other Government institutions like Universities/Colleges etc. Permanent employee of Corporates and other reputed non-government organizations/institutions including college/schools etc. (All these employees are required to have existing OBC bank accounts to their name)
    Age Above 21 years of age NOTE “ This is the standard age eligibility across almost all banks in India For pensioners, maximum age is 68 years
    Job Continuity Should have a job and should have worked with the current employer for at least 3 years
    Maximum Loan Amount Up to 15 times the net take home salary, maximum of Rs.5 lacs For pensioners, the maximum loan amount is Rs.2 lacs

    Calculation of your personal loan EMI is now as easy as just a few clicks of your computers mouse. The Online Personal Loan EMI Calculator tool featured on the BankBazaar.com website helps you find out the exact monthly payment that you need to make in order to pay off your Oriental Bank of Commerce Personal loan. The tool takes in the loan amount, loan tenure and the rate of interest as input and calculates your monthly EMI. This helps a customer in planning out his/her monthly expenses better. This tool also helps customers who are planning to avail a personal loan but are not sure whether they would be able to incorporate the EMI expense in their monthly budget. A higher than expected EMI can let users review their loan amount and tenure and adjust them suitably to reach the most-appropriate and viable EMI.

    1. What is the maximum loan amount that can be disbursed as a personal loan from the Oriental Bank of Commerce?

      The maximum loan amount that can be disbursed depends on the applicants salary. For applicants who do not hold an account with the bank, up to 15 times the annual salary (not more than Rs.1,50,000 in total) can be sanctioned. But, for applicants whove maintained a salary account with the bank for at least 6 months, up to 20 times the monthly salary can be sanctioned (maximum loan amount of Rs.3,00,000

    2. Are there any guarantors, security, or collateral required to take out a personal loan from OBC?

      Depending on the loan amount, eligibility of the applicant, etc. a guarantor could be required. The Oriental Bank of Commerce requires the guarantor to be a co-employee of the applicant, and the same co-employee cannot stand as guarantor for more than two accounts.

    3. Is there any penalty interest or penalties on pre-payment?

      Penal interest of 2% becomes chargeable in addition to the outstanding loan amount for the period in which repayments were not being made as per the loan agreement. Prepayment does not carry any additional charges or penalties.

    4. Is there any fee that has to be paid up front while taking an OBC personal loan?

      A processing fee of 0.50% of the loan amount (subject to a minimum of Rs.500) + GST has to be paid at the time of taking the loan.

    5. What is the maximum repayment period for personal loans from Oriental Bank of Commerce?

      Depending on the applicants eligibility, loans are disbursed for tenures of up to 60 months.

    6. Is there a minimum monthly income requirement for loans from the OBC?Yes, any applicant is required to have a minimum net monthly salary of Rs.6,000 for a personal loan from OBC.

    7. What are the documents required for OBC personal loan?

      A duly filled out and application form with the necessary signatures and a photograph will be required, along with identity proof in the form of an official document that verifies the identity and photograph of the applicant “ could be driving license, passport, voter ID, etc.

    8. What is the interest rate for OBC personal loan?

      The current floating interest rate is 11.20% to 12.95%.

    9. Can the loan be used for speculative purposes?

      Oriental Bank of Commerce does not sanction loans of any amount for speculative purposes under the personal loan category.

    10. For what purpose can a personal loan be taken from Oriental Bank of Commerce?

      Emergency expenses and financial requirements can be met with Personal loans from Oriental Bank/ of Commerce (OBC), at times like:

      • When medical emergencies result in financial requirements.
      • To meet travel expenses.
      • When the purchase of jewellery, consumer durables, etc. becomes necessary.
      • To meet education expenses, etc.

      *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of February, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.

    Oriental Bank Personal Loan Reviews

    • Oriental Bank of Commerce Personal Loan
      "Good One"
      0.5 5.0/5 "Blown Away!"
      It was a good customer service that I received from the Oriental bank side. They called me and said the executive will be coming to your place to pick up the documents but no one came . The bank provided every detail information about the loan process.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Dec 01, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good banking"
      0.5 4.0/5 "Great!"
      I had requested for a personal loan with Oriental bank.The loan amount is 1.2 lakhs.Rate of interest i dot remember.I closed the application as i was not interested to proceed hence got moved to a different bank with good offers.The customer service was good and explained the details.
      Was this review helpful? 0
      , vadodara
      Reviewed on Nov 15, 2017
    • Oriental Bank of Commerce Personal Loan
      "poor service "
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with oriental bank of commerce.Loan amount i requested was 4.5 lakhs.Rate of interest is 11.67 is nominal as compared to others.They had called me after 35-40 days post applying for the loan request,very delay in response,not satisfied with the service.hence closed the application and got loan from a different bank.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 01, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good banking service"
      0.5 2.5/5 "Just OK"
      I had requested for a personal loan with Oriental bank of commerce. Loan amount is three lakhs the interest rate offered was 11% which is higher as compared to others,Post applying i did not receive any update or calls for the same. Overall I am not happy with OBC service,.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 01, 2017
    • Oriental Bank of Commerce Personal Loan
      "No response and follow up"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with oriental bank but the application did not proceed i was told that an executive would come to collect the documents after which no one had turned out to collect them nor have i got any information on the application status or the reason why the application did not proceed.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My personal was taken before 3 years. They have offered me 3L with the interest rate of 12%. I pay EMI of 7k/month through ECS. I got a proper response. The part payment and pre closure option is good. The customer service is good. The loan was disbursed on time. The documentation process was little bit complicated.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Oct 28, 2017
    • Oriental Bank of Commerce Personal Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      The service from ORIENTAL for my personal loan service was excellent the customer service was good , I don't remembered about the rate of interest offered by ORIENTAL,but it was a happy experience from ORIENTAL bank for my personal loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 27, 2017
    • Oriental Bank of Commerce Personal Loan
      "Transparency is needed"
      0.5 4.0/5 "Great!"
      The interest rate is very low with Oriental bank of commerce personal loans. I have asked for the 3years tenure but at the end of the process they gave me the documents with 5years tenuity. The transparency is missing in the process. The promises need to be fulfilled with OBC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was fine with Oriental Bank of Commerce . They have disbursed the loan within10 to 15days of time. The customer service was good with Oriental Bank . The rate of interest is nominal with OBC when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 14, 2017
    • Oriental Bank of Commerce Personal Loan
      "Better Banking"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with oriental bank. I have cancelled my application and got funds from a different source,reason for cancellation is the service was really bad they didnt process my application immediately. Initially i was informed that documents are not required after2 days they asked me to submit the document. Therefore, I am totally unhappy with their service.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 07, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      The Oriental Bank of Commerce has told that my company has not listed under the eligibility criteria , so that was the reason I haven't got the personal loan from OBC. The customer service was good with OBC, They gave better response in regards to my personal loan application. The rate of interest was nominal when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 14, 2017
    • Oriental Bank of Commerce Personal Loan
      "Fair Response"
      0.5 4.0/5 "Great!"
      I preferred Oriental Bank of Commerce for my personal loan requirement. The bank responded well and I had received proper calls and information from the bank about the loans but due to my credit score constrains I could not avail the loan from the bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "No Response"
      0.5 1.0/5 "Really Bad"
      Actually I done my loan process with other bank so I did not continue the personal loan with Oriental Bank of Commerce. I did not receive any single call from the bank. There was no call or message from OBC for my loan application and I got the loan from other bank.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 11, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      OBC contacted me initially and later there was no follow up calls from them for the personal loan. There was also no proper clarification or information on the rate of interest and processing charges. I would not wish to refer the bank from the current experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 08, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I haven't got the car loan with Oriental Bank of Commerce, because I got the best interest rate with other bank, so that was the reason I haven't proceed with Oriental Bank car loan. The customer service and the response was good with OBC. The rate of interest is nominal .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had applied for the personal loan with Oriental Bank of Commerce but after a while I just postponed my plan in taking the loan. But when I approached the bank I had received very good response and they contacted me properly and provided the details.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 21, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Oriental Bank of Commerce provided a good response when I applied for the personal loan with them. I never found any challenge with OBC when I approached them for the loan process. But then I had to close my personal loan application due to some reason.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The oriental bank was offering the personal loan with very high interest rate like 10 to 11% which is really high at the market price, when compared with others. The response and the follow up was prompt with Oriental bank of commerce. I would like to suggest them to decrease the interest rate in future. Overall, I would say service is good with OBC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2017
    • Oriental Bank of Commerce Personal Loan
      "They should give proactive response to the customers"
      0.5 3.0/5 "Satisfactory"
      Oriental Bank of Commerce requested me to share the personal guarantor details from my office, by the time I was able to arrange the money through my own source. Hence I didn't take loan from Oriental bank of commerce and their response is also not up to the mark, they have collected documents and they took two months to process the loan, finally they asked for personal guarantor, I am not fine with that, OBC should improve on their service part.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Actually I submitted my personal loan application with Oriental Bank of Commerce through online source. For the personal loan they quoted high rate of interest so I am not happy with that, hence I closed the application. But Oriental bank of commerce is really good in providing customer service.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 30, 2017
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