Oriental Bank of Commerce Car Loan
Last Updated : April 5, 2017, 9:45 a.m.
About Oriental Bank of Commerce Car Loan
A car is a dream for all, but getting its possession is not within everyone’s reach. It’s because of the varied income levels, making some inept to repay the EMIs that come with a car loan.
But with the customized car loan of Oriental Bank of Commerce (OBC) your car purchase is smoother than ever before. The bank offers the car loan at the affordable interest rates to let your pocket stay afloat in today’s times of intense inflation.
Oriental Bank of Commerce Car Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rate | 6.50% Onwards |
| Loan Amount | New Cars : Upto ₹ 1,00,00,000 Used cars : Upto ₹ 25,00,000 |
| Loan Tenure | Upto 7 Years for New Cars and 5 Years for Used Models |
| Processing Fee | 0.50% of loan amount with a minimum of ₹ 500. +GST, if any. |
| Prepayment Fee | NIL |
Oriental Bank of Commerce Car Loan EMI Calculator
All set to calculate the cost of your car loan at OBC? Use its EMI calculator and ascertain the same. The function of the calculator is contingent upon certain variables such as loan amount, the interest rate charged and the tenure opted by a borrower.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at OBC
| Loan Amount (in ₹ ) | Loan Tenure (In years) | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) |
|---|---|---|---|---|---|
| 500000 | 1 | 10.20%-10.45% | 44,004-44,063 | 28,054-28,752 | 5,28,054-5,28,752 |
| 500000 | 2 | 10.20%-10.45% | 23,119-23,176 | 54,847-56,235 | 5,54,847-5,56,235 |
| 500000 | 3 | 10.20%-10.45% | 16,181-16,239 | 82,501-84,620 | 5,82,501-5,84,620 |
| 500000 | 4 | 10.20%-10.45% | 12,729-12,790 | 1,11,010-1,13,902 | 6,11,010-6,13,902 |
| 500000 | 5 | 10.20%-10.45% | 10,673-10,735 | 1,40,368-1,44,074 | 6,40,368-6,44,074 |
| 500000 | 6 | 10.20%-10.45% | 9,313-9,377 | 1,70,567-1,75,128 | 6,70,567-6,75,128 |
| 500000 | 7 | 10.20%-10.45% | 8,352-8,417 | 2,01,598-2,07,054 | 7,01,598-7,07,054 |
Eligibility Criteria
Get an overview of the eligibility criteria stipulated by Oriental Bank of Commerce for sanctioning a car loan.
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-65 years | 21-65 years |
| Minimum Income | Minimum gross salary of Rs 15,000 per month | Minimum income of Rs 15,000 per month |
| Employment/Business Continuity | At least 1 year of service | Been in the business for not less than 2 years |
Documents
| Proofs | Salaried Professionals | Self-employed |
|---|---|---|
| Identity Proof | PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc of applicant and guarantor(s), if any, passport size photographs of applicant | PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc of applicant and guarantor(s), if any, passport size photographs of applicant |
| Income Proof | Salary Slip/proof of permanent and regular employment/proof of age/proof of length of service (confirmed permanent employees of Govt.) /Proof of confirmed service/proof of length of service and of income (IT/Professionals), Income of spouse, if he/she stands as guarantor/Proforma Invoice | Balance Sheet and P&L A/C for last 3 years)/proof of date of establishment of business, Proof of land holding (Agriculturists)/Copy of ITR/Form-16 for last two/three years in all case, |
| Address Proof | PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any | PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any |
Other documents/details required to be submitted include
- Quotation of the new vehicles to be purchased
- Residual Life of car
- Valuation of car
- Information sheet for guarantors along with their PAN Card, their identity proof, residence proof, age, income, etc.