Interest Rate
11.50 - 11.50
Processing Fee
0.50%
Loan amount
50000.00 - 1000000.00
Tenure
5 years
Avail personal loan with low interest rates and processing fee as compared to self-employed borrowers.
Enjoy 0% charges on personal loan prepayment.

Oriental Bank Of Commerce Personal Loan

Oriental Bank of Commerce offers personal loans to Govt./PSU employees/Corporate employees and pensioners under the categorized schemes. The maximum loan amount can go as high as Rs.10 lac with a maximum loan tenure payment of 60 months. The bank charges 11%-12.50% interest per annum varying according to different schemes.


Oriental Bank Of Commerce is a good fit for you if?

If You are a govt./corporate employee or pensioner – Oriental bank of commerce offers a variety of personal loan plans specifically crafted for the govt. employees/corporate employees and pensioners having a salary/pension account with the bank. The bank offers from Rs.5 lac to Rs.10 lac for personal expenses in the shape of person loans at a rate of interest ranging between 11%-12.50% per annum.

If You're Looking for Nil prepayment charges – While most of the big players of the game like SBI and ICICI charges as high as upto 5% for prepayment of personal loan, the Oriental bank of commerce is providing prepayment facility without any charges.

Oriental Bank Of Commerce Personal Loan at a glance

Annual Interest Rate

11% - 12.50%

Loan Term

Up to 60 months

Loan Amount

Upto Rs.10 lacs

Preclosure Charges

Nil

Oriental Bank of Commerce provides the personal loans with interest rate of 11% per annum for the pensioners, 11.50% per annum for the govt. Employees and 12.50% for the Corporate employees. The maximum loan tenure remains at 60 months irrespective of the occupational categories of loan.

The maximum loan amount can be a maximum of Rs.10 lac in case of govt. Employees and Rs. 5 lac in case of corporate employees and pensioners. The bank charges 0.50%-1% of the loan amount as processing charges for the loan application processing.

Why Choose Oriental Bank Of Commerce?

Nil Prepayment Charges – Oriental Bank of Commerce provides the option of prepayment of your personal loan without any prepayment charges, While most of the banks like SBI, ICICI and Federal bank charges a fee upto 5% on preclosure of loan. So if you are expecting an early payment of loan Oriental Bank of Commerce can give you a choice of doing so without any charges.

Longer Repayment Tenure – Oriental Bank of Commerce offers a maximum loan prepayment tenure of 60 months, which is 12 months higher in comparison of some of the industry peers like Allahabad bank and Bank of Baroda who allows a repayment tenure of 48 months at maximum.

What to watch out for?

In case you do not have salary account with the bank – The Oriental Bank of Commerce offers the personal loan to the salaried individuals with a minimum monthly salary of Rs.10,000 having salary account with the bank. But for the individuals not having salary account with the bank the minimum income limit goes upto Rs.50,000 per month.

Processing and Penalty Charges – Oriental Bank of Commerce charges a processing fee of 0.50% for the loan processing and a 2% penal interest in case of EMI bounce. Some of the peers like Central Bank Of India charges a flat fee of Rs.500 per application.

Third Party Guarantee Required – The Oriental Bank of Commerce requires a third party guarantee to be provided for the personal loan.In case of salaried applicant preferably the guarantee of fellow employee and in case of pensioners the guarantee of spouse or family member is needed.

Compare Oriental Bank Of Commerce Personal Loans to Other Banks

Bank Name Oriental Bank Of Commerce Canara Bank Corporation Bank

Typical APR

11.% - 12.50%

10.90% - 13.90%

12.95% - 13.95%

Loan Term

Upto 60 months

Upto 72 months

Upto 60 months

Maximum Lending Amount

Upto Rs. 10 lacs

Upto Rs. 3 lacs

Rs. 5 lac for pensioners

Upto Rs. 3.50 lacs

Processing Fee

0.50% of the loan amount

Min Rs.500

0.50% of the loan amount

Zero to Rs. 5,000

1.50% of the loan amount

Min Rs.500

Time to Funding

NA

Within 7 days

NA

Pre-Closure

Nil

Nil

Nil

The Oriental Bank of Commerce offers the personal loans at the rate of interest ranging between 11%-12.50% per annum, While the Canara bank's rate of interest ranges between 10.90% and Corporation bank's 12.95%-13.95%. The maximum rate of interest charged by the OBC is lower than the other two banks.

The maximum tenure provided for repayment of loan is by Canara bank upto 72 months. The Oriental Bank of Commerce provides loans upto 60 months at maximum. The Oriental Bank of Commerce however offers highest amount of loan on the table with a maximum cap of Rs.10 lac in comparison of Rs.3.5 lac by the Corporation bank. All three banks are not charging for the foreclosure of loan.

Am I Eligible?

  • Applicant should be a resident Indian.
  • Minimum age of the borrower should be at least 18 years at the time of loan application.
  • Maximum age of the borrower should not exceeds 75 years at the time of final repayment in case of pensioners and 70 years in case of family pensioners.
  • Salaried govt./corporate employees along with pensioners.
  • Third party guarantee to be provided.

Loan Offerings

Personal loan for Govt./PSU Employees

  • The Oriental bank of commerce offers this personal loan scheme for the permanent govt. Employees of state govt./Centre govt. and PSU's having a minimum salary of Rs. 10,000 in case they have salary account with the bank or a minimum salary of Rs.50,000 in case they do not have salary account with OBC.
  • The maximum loan amount offered is 15 times of gross salary with a maximum cap of Rs.10 lac. The interest rate charged is 11.50% per annum along with the loan repayment tenure can be as long as upto 60 months. The processing fee charged under this plan is 0.50% of loan amount with a minimum of Rs.500. The net take home salary should not be below than 30% of gross salary after deduction of proposed EMI. Moreover, one personal guarantee preferably from a fellow employee is required.

Personal Loan for Corporate Employees

  • The Oriental bank of commerce offers this personal loan scheme for the employees of Corporates and other reputed non government organizations/institutions including college/schools etc. having a minimum salary of Rs. 10,000 in case they have salary account with the bank or a minimum salary of Rs.50,000 in case they do not have salary account with OBC.
  • The maximum loan amount offered is 15 times of gross salary with a maximum cap of Rs.5 lac. The applicable interest rate is equal to 12.50% per annum. The loan repayment tenure can be as long as upto 60 months, whereas the processing fee charged under this plan is 1% of loan amount with a minimum of Rs.500. The net take home salary should not be below than 30% of gross salary after deduction of proposed EMI. One personal guarantee preferably from a fellow employee is required and a minimum 3 years of service including previous employer.

Personal Loan for Pensioners

  • The Oriental bank of commerce offers this personal loan scheme for the pensioners aging below 75 years and 70 years in case of family pensioners. The maximum loan amount can be upto Rs. 10 lac in case of defence person pensioner and Rs. 5 lac for others. Same cap applies for the family pensioners too.
  • The interest rate is charged at the rate of 11% per annum along with a one time processing fee charged is 1% of the loan amount. The loan repayment tenure can be as long as upto 60 months given that the age of pensioner should not exceed 75 years and in case of family pensioner should not exceed 70 years at the time of final repayment. Whereas, the net take home pension should not be below than 50% of gross pension after deduction of proposed EMI.
  • Documents required for Salaried applicants:
    • KYC Documents
    • Income proof
      • Last 6 months salary slip.
      • Form 16/ letter from employer.
      • Last two year ITR.
      • Last 6 months bank statement.
    • 3 passport photographs
    • Any other document which may be required from case to case.
  • Documents required for Self-Employed applicants:
    • KYC Documents
    • 3 passport photographs
    • Income proof
      • Last three years ITR
      • Retirement certificate.
      • Last 6 months bank statement.
    • Any other document which may be required from case to case.

Oriental Bank Of Commerce Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Personal Loan for Govt./PSU Employees

11.50%per annum

Personal Loan for Corporate Employees

12.50% per annum

Personal Loan for Pensioners

12% per annum

How do I apply for Oriental Bank Of Commerce Personal Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT"

At the Oriental Bank Of Commerce Online Portal

  • You can apply for Oriental bank of commerce personal loan online through their website by inputting some basic information along with your loan requirements.
    • You can visit the nearest Oriental Bank Of Commerce Personal loan, click here.
    • Fulfill all the details like your monthly income, loan amount required, purpose and the contact details and press the "Submit application" button.

At the nearest Oriental Bank Of Commerce Branch

  • To locate a branch near you click here. Enter your location/city and you will find a list of the branches available near you.
    • You can visit the nearest Oriental bank of commerce branch with application form and the necessary documents. For application form click here.
    • Attach all the necessary documents and re-check the application form for confirmation.
    • Submit the application form along with the documents.

After I Apply?

Check Loan Status Offline

  • Through OBC Customer Personale
    • Dial 1800-180-1235 from your registered number.
    • Dial 1 for hindi, 2 for english, 3 for punjabi.
    • Now dial for 4 for the loan queries
    • Now wait as the IVR connects you to the executive, provide him the details of your loan application and he will fetch you the status of your loan application.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50%-1% of the loan amount

Min Rs.500

Foreclosure Charges

Nil

Penal Charges

2% per month on overdue amount

The Oriental Bank of Commerce charges 0.50% of loan amount as processing charges from the govt./PSU employees and 1% of loan amount from the corporate employees and pensioners. The bank also levies 2% penal charges for non timely payment of EMI, whereas do not charges for the foreclosure of loan.

FAQs

The rate of interest is linked to which MCLR?

The Oriental bank of commerce links the personal loan interest with the annual MCLR of 8.75%.

How much maximum amount can a pensione gen get as personal loan?

The maximum amount of loan offered by the Oriental bank of commerce to the pensioners is 20 months pension upto a maximum of Rs.10 lacs.

Voice your opinion

Rating

Title

Your review

Post and verify yourself with