Oriental Bank of Commerce Car Loan

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Oriental Bank of Commerce Car Loan

Oriental Bank of Commerce Car Loan Key Features – Jun 24 2024

Oriental Bank of Commerce Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,611
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges No foreclosure are levied after the first 12 EMIs
Up to 2% before the first 12 EMIs
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Oriental Bank of Commerce (OBC) Car Loan

Oriental Bank of Commerce was an Oriental Bank of Commerce public sector bank. Headquartered at Gurgaon, Haryana has 2390 branches and 2625 ATMs across India.

Oriental Bank of Commerce provides Instant Car loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of Oriental Bank Car Loan

Oriental Bank of Commerce Car Loan

Oriental Bank of Commerce Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Oriental Bank of Commerce Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the principal amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for Oriental Bank of Commerce Car Loan

  • Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Oriental Bank of Commerce. This will be an indication of your higher repayment capacity for the Oriental Bank of Commerce Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for an Oriental Bank of Commerce car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Oriental Bank of Commerce Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in Oriental Bank of Commerce means you have a good balance between your earnings and your spending. This is because before Oriental Bank of Commerce decides to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Oriental Bank of Commerce Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for an Oriental Bank of Commerce car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for an Oriental Bank of Commerce loan are higher.

Factors Affecting Oriental Bank of Commerce Car Loan Eligibility

The eligibility for availing of an Oriental Bank of Commerce car will depend on the below-given factors:

  • Income: If your income is on the higher side, there is a good chance that your eligibility for an Oriental Bank of Commerce car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Oriental Bank of Commerce car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount: Your Eligibility Criteria for Car Loan from Oriental Bank of Commerce will be higher if you apply for a lower loan amount as if the loan amount is lower, Oriental Bank of Commerce knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Oriental Bank of Commerce Car Loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Oriental Bank of Commerce. It might give an impression to the bank that you do not possess the ability to pay Your Oriental Bank of Commerce loan.
  • Credit score: This is an important factor that every bank, including Oriental Bank of Commerce, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Oriental Bank of Commerce and most lenders.
  • Relationship with the bank: As stated earlier, Oriental Bank of Commerce offers instant car loans to their existing customers, which allow Oriental Bank of Commerce’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Oriental Bank of Commerce Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Oriental Bank of Commerce Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Oriental Bank of Commerce Car Loan Types

Oriental Bank of Commerce offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take Oriental Bank of Commerce Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

Oriental Bank of Commerce Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Oriental Bank of Commerce Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Oriental Bank of Commerce for a loan, you inform them about the amount of loan you need to borrow. Limit your Oriental Bank of Commerce loan amount after accounting for your available funds.
  • Review your current obligations: Before taking an Oriental Bank of Commerce loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Oriental Bank of Commerce Loan after taking into account other obligations.
  • Calculate your Oriental Bank of Commerce car loan eligibility: Your Oriental Bank of Commerce eligibility is an assessment of your repayment capacity based on your monthly income. Oriental Bank of Commerce provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Oriental Bank of Commerce also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Oriental Bank of Commerce loan eligibility.
  • FOIR based loan amount eligibility: Oriental Bank of Commerce will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Oriental Bank of Commerce applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Oriental Bank of Commerce or other banks to calculate your fixed obligations.

The Car Loan EMI – EMI Changes in Case of Prepayment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Oriental Bank of Commerce is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Oriental Bank of Commerce gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate EMI on Oriental Bank of Commerce Car Loan

Before you avail of a car loan from Oriental Bank of Commerce, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P is the principal amount, r is the interest rate, and n is the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Oriental Bank of Commerce Car Loan for Top Selling Cars

Other Available Products from Oriental Bank of Commerce

Oriental Bank of Commerce Personal Loan Oriental Bank of Commerce car Loan Oriental Bank of Commerce Home Loan
Oriental Bank of Commerce Credit Card Oriental Bank of Commerce Two Wheeler Loan Oriental Bank of Commerce Education Loan

Compare Oriental Bank of Commerce Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
Oriental Bank of Commerce Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
Oriental Bank of Commerce Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

FAQs for Oriental Bank of Commerce Car Loan

What is the Oriental Bank of Commerce Car Loan?

Oriental Bank of Commerce car loan is the loan sum provided to its customers by the bank for a new or used car.

How can I get a Car Loan from the Oriental Bank of Commerce?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

✅ How does Oriental Bank of Commerce Car Loan work?

When you will apply for a car loan, then you will get a call from our representative and then, there will be a document verification process. Then, the loan amount will be credited to your account.

✅ What is the Car Loan Interest Rate in Oriental Bank of Commerce?

The car loan interest rate in the Oriental Bank of Commerce is

7.35% per annum

only.

✅ How to Check Car Loan status in Oriental Bank of Commerce?

You can track your car loan status online on the Car loan status website.

✅ How to Calculate Car Loan Interest in Oriental Bank of Commerce?

Use Dialabank’s EMI calculator to find out the interest as well as the EMI on your loan.

What is the maximum loan amount I can avail of on a Car Loan from the Oriental Bank of Commerce?

The maximum loan amount you can avail of on a car loan is up to 85% of the On Road Price.

What is the loan tenure of Oriental Bank of Commerce Car Loan?

The loan tenure of the Oriental Bank of Commerce Car Loan is a maximum of 7 years.

✅ Can I get a 100% Car Loan from the Oriental Bank of Commerce?

Yes, you can get a 100% Ex-showroom Price car loan from the Oriental Bank of Commerce.

How much Processing Fee applies to the Oriental Bank of Commerce Car Loan?

Oriental Bank of Commerce charges a processing fee of 0.40% of the principal amount.

✅ What are the EMI options available on the Oriental Bank of Commerce Car Loan?

Oriental Bank of Commerce Provides two EMI options Step-up EMI and Balloon EMI.

What are the charges for Prepayment in Oriental Bank of Commerce Car Loan?

You can prepay/foreclose your Oriental Bank of Commerce Car Loan with No foreclosure after the first 12 EMIs and 2% before the first 12 EMIs.

Can I get a top-up loan on my existing Oriental Bank of Commerce car loan?

You can get a top-up loan on your current car loan from Oriental Bank of Commerce for up to 150% of its value.

Do I need to provide a guarantor to avail myself of a car loan from the Oriental Bank of Commerce?

Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfil the eligibility criteria for a car loan.

How to get the Oriental Bank of Commerce Car Loan Statement?

Get the statement in person by visiting your branch and requesting a detailed statement.

                                                       or

You can get the statement online. To do this, you should have Oriental Bank of Commerce internet banking activated.

How to Pay Oriental Bank of Commerce Car Loan Interest Online?

Simply log on to the online Oriental Bank of Commerce payment to ‘see and pay’ your bills. You also get an electronic acknowledgement for every bill paid by you using e-PAY. You can also pay through Paytm.

What if I can’t pay the interest on the Oriental Bank of Commerce Car Loan for 3 months?

Oriental Bank of Commerce imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

How can I apply for the EMI Moratorium on Oriental Bank of Commerce Car Loan?

You can apply for EMI Moratorium on Oriental Bank of Commerce Car Loans directly from the Oriental Bank of Commerce website’s Loan corner.

✅ What is the number for the Oriental Bank of Commerce Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted Oriental Bank of Commerce Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the Oriental Bank of Commerce car loan online?

Oriental Bank of Commerce car loans can be closed by visiting the nearest branch and clearing off the outstanding amount.

✅ What is the Oriental Bank of Commerce Car Loan Customer Care Number?

Call 9878981166 and clear any of your queries with us anytime.

✅ How can I get NOC from the Oriental Bank of Commerce for a Car loan?

You can get NOC directly from the branch for Oriental Bank of Commerce Car Loans.

✅ What is the Oriental Bank of Commerce Car Loan closure procedure?

  • Just go to the bank with the documents required for a car loan.
  • Write a letter for pre-closure of the Oriental Bank of Commerce Car Loan account.
  • Pay the pre-closure charges as per Oriental Bank of Commerce Car Loan.

✅ What are the Oriental Bank of Commerce Car Loan preclosure charges?

Oriental Bank of Commerce Car Loan preclosure charges are up to 2% before the first 12 EMIs.

✅ What is the Oriental Bank of Commerce Car Loan’s maximum tenure?

The Oriental Bank of Commerce Car Loan’s maximum tenure is 7 years.

✅ What is the Oriental Bank of Commerce Car Loan minimum tenure?

The Oriental Bank of Commerce Car Loan minimum tenure is 1 year.