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    Oriental Bank Personal Loan

    We found 1 Oriental Bank Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Oriental Bank Personal Loan is Rated as "Great!" by 36 Users

    Fees & Charges

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    Personal Loan BYTES FROM OUR KITCHEN

    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 24 May 2017

    Oriental bank of commerce Personal Loan Details
    Interest Rate 10.85% to 11.85%
    Processing Fees 0.50% of the Loan Amount
    Loan Tenure 60 Months
    Guarantor Requirement Guarantor required

    About Oriental Bank of Commerce Personal Loan

    Enquire for Oriental 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, 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.

    • 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

    • 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.

    • 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.

    • 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) + service tax has to be paid at the time of taking the loan.

    • 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.

    • 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.

    • 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.

    • What is the interest rate for OBC personal loan?

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

    • 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.

    • 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.

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  • Oriental Bank Personal Loan Reviews

    • Oriental Bank of Commerce Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      Oriental bank commerce executive told that my company is not listed in their list, that was the reason I haven't got the personal loan from OBC. They haven't explained me about the product. The oriental bank of commerce can be improved and focused with customer queries in future .
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good services & deal"
      0.5 4.0/5 "Great!"
      Since my requirement got delayed and I was not sure when I would need the funds. So I cancelled my request for the personal loan with OBC. The bank was the best at that moment with the rate of interest and processing charges. They were charging around 11% and the processing charges was also nominal for me. The services were good as they contacted me on time.
      Was this review helpful? 0
      , pune
      Reviewed on May 22, 2017
    • Oriental Bank of Commerce Personal Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      ICICI bank took around 7 days to disburse my personal loan. The rate of interest was very nominal with ICIC bank. The response and the follow up was very prompt, they took initiative and approved a car loan with ICICI bank. I can tell, ICICI service was very supportive concerned to my car loan .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 28, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for the personal loan with Oriental bank of Commerce and their response was quite good. They gave me a call in very next day, after they got my application. But I have got the same interest rate with ICICI bank, that was the reason I can't avail loan from OBC bank. The rate of interest and other charges were very much nominal with OBC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 28, 2017
    • Oriental Bank of Commerce Personal Loan
      "Responce Was Not Good"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with Oriental Bank of Commerce. The team contacted me once and told that they going to come and collect documents from me but no one turned up bank agent said to scan and send the copy I said I cannot do that because I was at hospital at that time. They even asked me to scan and send the documents , I had asked them for the address for correspondence even that they refused to provide.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 26, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Approached Oriental bank of commerce for my personal loan, they are asking for the guaranteer Id and signature, which is not applicable with other banks. Because I don't have any guaranteer, so that was the reason I haven't got loan with Oriental bank of commerce. The interest rates and other charges are very low when I have approached.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average service and improvement needed"
      0.5 2.0/5 "Expected more"
      Applied for a personal loan with Oriental bank of Commerce. I haven't got a single call about my personal loan application, but they have sent a text message based on my profile. OBC needs to improve their response and they are losing their customers very easily. They need to be customer centric in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2017
    • Oriental Bank of Commerce Personal Loan
      "Process has to be changed"
      0.5 4.0/5 "Great!"
      The company which I was working it was not listed with the Oriental Bank of Commerce because its 75 years old company. So Iam unable to process with them but I am very happy with their service, they were responded well and their interest rate is very least in the market.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 21, 2017
    • Oriental Bank of Commerce Personal Loan
      "Delayed response"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with OBC for the personal loan as they called me only after one week, after they informing me that I would get a call within two to four hours. The other thing was they wanted the bank statement from the guarantor as well. The only good thing was the interest rate and charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 21, 2017
    • Oriental Bank of Commerce Personal Loan
      "Its Average"
      0.5 3.5/5 "Pretty good"
      Currently I have dropped the plan of taking the personal loan due to some personal reason from my end but I am planning to take the loan after Diwali. Oriental Bank followed up nicely on my loan application and requested to submit the documents but I did not proceed further.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 21, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Oriental bank of commerce approved personal loan. They have disbursed my loan within a week of time. The documentation was collected in a proper way. It would be good, if they don't ask the personal proofs with Guaranteer. The rater of interest and the charges are very high when compared with other banks. The response and the follow up was helpful and very supportive with OBC.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 19, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got the required response from the team.The process was absolutely fine with OBC for a personal loan with 30k on charges applied and its a pretty good experience .I had taken this loan long ago during the year 2009 they had offered me ROI but not sure how much it was even they had charged me some processing fee too.
      Was this review helpful? 0
      , patiala
      Reviewed on Apr 04, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      It was great experience with Oriental Bank of Commerce regarding the personal loan application.I required the loan so I have taken the same.The follow up provided was great.They have made a call very soon.Everything was good so no suggestion required for them. It was 2.50 years back.
      Was this review helpful? 0
      , patiala
      Reviewed on Apr 04, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      It was a smooth process with OBC. I have taken a personal loan from them and the overall experience was good. The documentation was taken on time and the loan was disbursed within ten days. The rate of interest and processing charges was also normal.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 01, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good service "
      0.5 4.0/5 "Great!"
      The oriental of commerce of commerce has good follow up with their customers. The rate of interest is low, when compared with others. The response and the approach was really good with oriental bank of commerce. Overall service is fine with oriental bank. I am satisfied with their service.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 31, 2017
    • Oriental Bank of Commerce Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with Oriental Bank of Commerce. But I am unable to proceed it further due to low credit score. Hence I dropped my plan in getting the loan from the bank. Other than that, they were providing a good response on my application and they contacted me immediately when they had received my application.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I am not happy with Oriented Bank service,when I applied for the personal loan they did not process my application further they just said that your existing loan is running so we cannot go head and process this loan after collecting all my documents they told.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 30, 2017
    • Oriental Bank of Commerce Personal Loan
      "Its Excellent"
      0.5 5.0/5 "Blown Away!"
      I am working with AXIS, they have offered me the least interest of 11.8% for the personal loan and my loan got sanctioned in AXIS, so I did not proceed with Oriental Bank, but they are good in service even they offered me the least interest rate of 11.9% but I already was in touch with AXIS bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 23, 2017
    • Oriental Bank of Commerce Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have arranged money from my own source, therefore it is not required to take personal loan now so I dropped the plan. Oriental Bank had responded well they called and confirmed my requirement but I did not proceed further with them even their interest rate is least, they offered me an interest rate of 11.5% for personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 22, 2017
    • Oriental Bank of Commerce Personal Loan
      "High on ROI & charges"
      0.5 4.0/5 "Great!"
      Oriental Bank of Commerce contacted me on time after they received my details for a personal loan. They provided me with the details and also informed me about the process. I did not go ahead because the rate of interest was very high. It was around 11.85%.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 21, 2017
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