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Effective 1 April 2020, Oriental Bank of Commerce has merged with Punjab National Bank.
Oriental Bank of Commerce offers personal loans at lucrative interest rates. The bank offers 3 different types of personal loans on the basis of the employment status of the customer.
i) Loan Scheme for Govt. Or PSU Employees
| Interest Rate | Loan Amount | Processing Fees |
| 11.50% p.a. | Up to Rs.10 lakh | 0.50% of the loan amount plus applicable tax |
ii) Loan Scheme for Corporate EmployeesÂ
| Interest Rate | Loan Amount | Processing Fees |
| 12.50% p.a. | Up to Rs.5 lakh | 1% of the loan amount plus applicable tax |
iii) Loan Scheme for Pensioners
| Interest Rate | Loan Amount | Processing Fees |
| 11% p.a. | Up to Rs.10 lakh | 1% of the loan amount plus applicable tax |
Looking for more details on the Oriental Bank of Commerce (OBC) Personal Loan Interest Rates? Click here
| Type of fees and charges | Applicable charges |
| Penal Interest Rate | 2% in addition to the normal lending rate of interest on the amount which is overdue |
| Pre-payment charges | Nil |
The requirement of documents varies from bank to bank. However, there are certain documents which are required to be submitted by every individual who applies for a personal loan. Some of these documents are listed below:Â
| Proof of identity | PAN card, Aadhaar card, Voter’s ID card, etc. |
| Proof of address | Aadhaar card, current telephone bill, current electricity bill, rental agreement, etc. |
| Proof of age | PAN card, passport, Aadhaar card, etc. |
Also,
These are some of the mandatory documents which are required at the time of applying for a personal loan. However, as mentioned earlier, the requirement of documents differs from bank to bank and you would be required to provide other documents if your lender asks for them.Â
i) For Govt. Or PSU EmployeesÂ
| Employment Status | The applicant should be a permanent and confirmed employee |
| Relationship with the bank | Applicant should have his or her salary account with the bank |
| Minimum Net Salary | A) He/She should have a monthly salary of at least Rs.10,000 if salary account is maintained with the bank  B) The applicants who do not have their salary account with the bank will be required to have a gross monthly salary of at least Rs.50,000 |
| Debt-to-income ratio | After the deduction of the instalment amount for the proposed personal loan, the salary of the applicant (net take home) should be at least 30% of his or her gross salary. |
*Applicants who do not have their salary accounts with the bank can also apply for a personal loan (subject to certain conditions)
ii) For Corporate EmployeesÂ
| Employment Status | The applicant should be a permanent employee |
| Employment Tenure | He/She should have been working for at least 3 years (including present and previous employment) |
| Relationship with the bank | Should have his/her salary account with the bank |
| Minimum Net Salary | A) Monthly salary of at least Rs.10,000 if his or her salary account is maintained with the bank B) The applicants who do not have their salary account with the bank will be required to have a gross monthly salary of at least Rs.50,000 |
| Debt-to-income ratio | After the deduction of the instalment amount for the proposed personal loan, the salary of the applicant (net take home) should be at least 30% of his or her gross salary. |
*The applicants who do not have their salary accounts with the bank can also apply for a personal loan (subject to certain conditions)Â
iii) For PensionersÂ
| Age of the applicant | A) If the applicant is an individual pensioner, his or her age should not be more than 75 years. B) If the applicant is a family pensioner, his or her age should not be more than 70 years. |
| Net take home pension amount | At least 50% of their gross pension |
Click here to get a detailed idea of the eligibility criteria for Oriental Bank of Commerce Personal Loan.
To understand the working of a personal loan from Oriental Bank of Commerce, let us take an example. Mr. Ross is a government employee who is a resident of Kolkata. He draws a monthly salary of Rs.25,000. His salary account is maintained with Oriental Bank of Commerce. He takes a personal loan of Rs.1 lakh from Oriental Bank of Commerce. As he is a government employee, the rate of interest on the loan amount for Mr. Ross is 11.50% p.a. The processing fee is 0.50% of the loan amount. He opted for a loan repayment tenure of 12 months. On the basis of the factors mentioned above, the loan repayment schedule of Mr. Ross will look like this:Â
| Month | Principal Paid (A) (in Rs.) | Interest Paid (B) (in Rs.) | Total Amount Paid (A+B) (in Rs.) | Outstanding Loan Amount (in Rs.) |
| 1Â | 7,903Â | 958Â | 8,861Â | 92,097Â |
| 2Â | 7,979Â | 883Â | 8,862Â | 84,118Â |
| 3Â | 8,055Â | 806Â | 8,861Â | 76,063Â |
| 4Â | 8,133Â | 729Â | 8,862Â | 67,930Â |
| 5Â | 8,211Â | 651Â | 8,862Â | 59,719Â |
| 6Â | 8,289Â | 572Â | 8,861Â | 51,430Â |
| 7Â | 8,369Â | 493Â | 8,862Â | 43,062Â |
| 8Â | 8,449Â | 413Â | 8,862Â | 34,613Â |
| 9Â | 8,530Â | 332Â | 8,862Â | 26,083Â |
| 10Â | 8,612Â | 250Â | 8,862Â | 17,471Â |
| 11Â | 8,694Â | 167Â | 8,861Â | 8,777Â |
| 12Â | 8,777Â | 84Â | 8,861Â | 0Â |
On the basis of the details provided in this example, Mr. Ross will be paying a total amount of Rs.1,06,838*. The total interest to be paid by him is Rs.6,338 and the processing fee for the loan is Rs.500. His monthly EMI is Rs.8,861 or Rs.8,862 (on an alternate basis).Â
If you are planning to take a personal loan and are wondering how your loan repayment schedule would look, use the BankBazaar Personal Loan EMI Calculator to find that out.
*The figures quoted here are for the purpose of understanding only. The applicable taxes (if any) have not been taken into consideration.Â
| Particulars | Oriental Bank of Commerce Personal Loan | United Bank of India Personal Loan | SBI Personal Loan | HSBC Bank Personal Loan |
| Interest rate | 11.00% p.a. to 12.50% p.a. | 13.9% p.a. onwards | 12.00% p.a. onwards | 10.99% p.a. to 17.84% p.a. |
| Processing fee | 0.50% or 1.00% of the loan amount | 1.18% of the loan amount | 1% of the loan amount + applicable GST | Up to 1% of the loan amount |
| Foreclosure charges | As per the terms and conditions of the bank | As mentioned in the loan document | 3% of the outstanding loan amount | Up to 3.75% of the outstanding principal amount |
A: KYC stands for ‘Know Your Customer’. It is a compulsory process through which banks gather information about their customers. These include the identity and the address of the customers. This process has been mandated so that the services provided by the bank are not misused by the customers.
A: Yes, you can apply for a personal loan from Oriental Bank of Commerce through the bank website. On the home page of the website click on the ‘Apply Online’ option on the main menu bar. Under this option click on the ‘Other Retail Loan’ option from the drop-down menu. After this, you will be required to enter your mobile no. for registration. You will be able to get the access to the application form after the registration process is done.Â
A:Â Yes, you can track your personal loan status on the bank website itself. To check the status of your application form you will be required to follow the steps mentioned below:Â
A:Â Yes, you can check the application form status using your reference number. Follow the steps mentioned below to check the status:Â
A: Yes, you can use your mobile number to check the status of your application form. You will be required to follow the steps mentioned below:Â
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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