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
At least 21 years old
Less than 58 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your Oriental bank of commerce Personal Loan amount eligibility is based on these factors
Minimum income required
Rs.6,000 per month
Maximum allowed personal loan is Rs. 5 lakhs
EMIs of other loans lower
Increase your eligible Oriental bank of commerce Personal Loan amount by these steps
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 28 Nov 2015
|Interest Rate (Floating)||11.20% to 12.95 %|
|Processing Fees||0.50% of the Loan Amount with a min of Rs.500/- +Service tax|
|Loan Tenure||60 Months|
|Guarantor Requirement||Guarantor required|
About Oriental Bank of Commerce Personal Loan
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, child’s 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.
Features of Oriental Bank of Commerce Personal Loans
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 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.
Oriental Bank of Commerce Personal Loan Interest Rates
Oriental Bank of Commerce Personal Loan interest rates are quite competitive and do not fluctuate randomly. This makes these personal loans attractive to avail. A table indicating the rate of interest and other charges as applicable on personal loans from Oriental Bank of Commerce is given below.
|Loan Parameter||For Salaried Employees||For self-employed|
|Interest rate||Minimum 12.5% (Base Rate +2.5%, floating)||Minimum 13.5% (Base Rate +3.5%, floating)|
|Loan processing charges||0.5% of the loan amount||0.5% of the loan amount|
|Late Payment Fee||2% of the outstanding loan amount||2% of the outstanding loan amount|
Oriental Bank of Commerce Personal Loan Eligibility
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 bank’s 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
How to calculate EMI for Oriental Bank of Commerce Personal Loans
Calculation of your personal loan EMI is now as easy as just a few clicks of your computer’s mouse. The
Oriental Bank of Commerce Personal Loan FAQs
- Am I eligible for Oriental Bank of Commerce personal loan?
- How do I repay Oriental Bank of Commerce Personal loan?
- What is the maximum loan one can get from Oriental Bank of Commerce?
- What is the tenure for Oriental Bank of Commerce personal loan?
Oriental Bank of Commerce offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Oriental Bank of Commerce personal loan is Rs. 10,000 per month. If you fall into this group, you can definitely apply for a Oriental Bank of Commerce personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Oriental Bank of Commerce offers personal loans up to 15 times net take home salary with a Maximum of Rs.5 L for successful applicants depending on their financial record and repayment history.
Oriental Bank of Commerce offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Oriental Bank of Commerce. For further information about any of the products mentioned above please contact Oriental Bank of Commerce.