Oriental Bank of Commerce Personal Loan

About Oriental Bank of Commerce Personal Loan

When it comes to meet your personal expenses, the name of Oriental Bank of Commerce (OBC)  stands taller in the list of personal loan seekers. You would be glad to know that founded in Lahore, the New Delhi-headquartered public lender is a home to a gamut of best-in-class products like personal loan to address your fund requirements. Be it pensioners, employees of public sector & private sector units or home loan borrowers, the bank has attuned its personal loan schemes for each one of them.

Personal Loan

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    Oriental Bank of Commerce Personal Loan Interest Rates

    ParticlularsDescription
    Interest Rates10.90% - 12.40%
    Loan Amount₹5,00,000 (Max.5 months salary)
    Tenure1-5 Years
    Processing Fees0.5% of the loan amount (min ₹500)
    Pre-PaymentNil

    Eligibility Criteria for Oriental Bank of Commerce

    • Age at least 21yrs and less than 58yrs.
    • Should definitely have a job and should have worked with the current employer for at least 3 years.

    Oriental Bank of Commerce Personal Loan Eligibility Calculator

    The above eligibility criteria was shown to give you a fair idea of the basic necessities that you need to keep in place to get the nod for a personal loan from OBC. But equally necessary is the assessment from your side to visualize the loan amount that you can actually demand based on your income and savings. The assessment can be done via the bank’s personal loan eligibility calculator. How does the calculator work? It is the question that you would ask now. Below is an illustration that can give you a glimpse of what the bank has in store for you in terms of loan amount.

    For Example- You are a supervisor in a renowned company and bagging away a salary of ₹ 50,000 monthly. Post the deduction of monthly expenses, you end up with a savings of say ₹ 25,000. Now you would be interested to know your personal loan eligibility. First and foremost, the eligibility calculator will derive per lakh EMI. The calculation of the same is illustrated below for you to look at.

    Amount- ₹1 lakh
    Loan Tenure-5 years
    Rate of Interest-12% p.a.
    Your monthly EMI will be ₹2,224

    Personal Loan Eligibility Amount =
    ₹1 lakh x 25000/2224=₹11.24 Lakh
    So, a personal loan of ₹11.24 Lakh is ready to help you meet your requirements.

    Oriental Bank of Commerce Personal Loan EMI Calculator

    After knowing the eligibility, it is also important for you to know the EMIs of the loan amount as well. When it comes to calculating the EMIs, with the help of an EMI calculator, you can do the same so easily without any hassle. So, if you are going to avail a loan from OBC, how your EMIs will be calculated is actually the big question here? Well, while calculating the EMIs, the calculator needs just three valuables i.e. loan amount, tenure and interest rates.  Once these details are into the calculator, you would be able to know the EMIs of your loan amount.

    Actually, this tool firstly computes the interest component of your loan and then move on to the principal amount. With the help of this device, you can any time, anywhere know the exact amount of your EMIs that you need to give to your lender each month so that your personal loan can be repaid.

    For Example: If you are interested in availing a loan of ₹5,00,000 from Oriental Bank of Commerce for 5 years, and the bank is charging an interest rate that ranges between 12% per annum. Now, what would be the EMIs, total interest outgo and total amount payable of the same? Just take a look at the table below to know the same.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 5,00,00012%1₹ 44,424₹ 33,093₹ 5,33,093
    ₹ 5,00,00012%2₹ 23,537₹ 64,882₹ 5,64,882
    ₹ 5,00,00012%3₹ 16,607₹ 97,858₹ 5,97,858
    ₹ 5,00,00012%4₹ 13,167₹ 1,32,012₹ 6,32,012
    ₹ 5,00,00012%5₹ 11,122₹ 1,67,333₹ 6,67,333

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 77,645₹ 55,822₹ 4,22,354
    2₹ 87,492₹ 45,974₹ 3,34,862
    3₹ 98,588₹ 34,878₹ 2,36,273
    4₹ 1,11,092₹ 22,374₹ 1,25,181
    5₹ 1,25,291₹ 8285₹ 0

    Documentation Required

    • KYC-PAN, address & ID proof
    • Income proof, bank statement and one photograph

    Oriental Bank of Commerce Personal Loan Application Form

    If you are interested in applying for a personal loan, need not to worry as all you need to do is simply fill the required application form. Yes, an application form is a mandatory thing which an applicant needs to fill and submit the duly signed. Without filling and submitting the form, it is not possible for you to avail the loan. The mandatory fields which are required to fill in the form are-Name, Age, Gender, Marital Status, Work Experience, Employment Type, etc.

    Points to Remember

    • Application available only in branch
    • Guarantor Required

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    EMI Calculator