Oriental Bank of Commerce Car Loan

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

ParticularsDetails
Interest Rate10.20%-10.45% p.a.
Loan AmountNew Cars : Upto ₹ 1,00,00,000

Used cars : Upto ₹ 25,00,000
Loan TenureUpto 7 Years for New Cars and 5 Years for Used Models
Processing Fee0.50% of loan amount with a minimum of ₹ 500. +GST, if any.
Prepayment FeeNIL

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 ₹ )
500000110.20%-10.45%44,004-44,06328,054-28,7525,28,054-5,28,752
500000210.20%-10.45%23,119-23,17654,847-56,2355,54,847-5,56,235
500000310.20%-10.45%16,181-16,23982,501-84,6205,82,501-5,84,620
500000410.20%-10.45%12,729-12,7901,11,010-1,13,9026,11,010-6,13,902
500000510.20%-10.45%10,673-10,7351,40,368-1,44,0746,40,368-6,44,074
500000610.20%-10.45%9,313-9,3771,70,567-1,75,1286,70,567-6,75,128
500000710.20%-10.45%8,352-8,4172,01,598-2,07,0547,01,598-7,07,054

Eligibility Criteria

Get an overview of the eligibility criteria stipulated by Oriental Bank of Commerce for sanctioning a car loan.

ParametersSalaried ProfessionalsSelf-employed
Age21-65 years 21-65 years
Minimum IncomeMinimum gross salary of Rs 15,000 per month Minimum income of Rs 15,000 per month
Employment/Business ContinuityAt least 1 year of serviceBeen in the business for not less than 2 years

Documents

ProofsSalaried ProfessionalsSelf-employed
Identity ProofPAN Card, Driving License/Voter ID Card/Passport/Ration Card etc of applicant and guarantor(s), if any, passport size photographs of applicantPAN Card, Driving License/Voter ID Card/Passport/Ration Card etc of applicant and guarantor(s), if any, passport size photographs of applicant
Income ProofSalary 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 InvoiceBalance 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 ProofPAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if anyPAN 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.

 

 

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