Oriental Bank of Commerce Personal Loan
The bank offers personal loans to government employees/ PSU, corporate employees, and pensioners. To meet the expenses like marriage, education, family functions, or for any other legitimate purpose, Oriental Bank of Commerce offers different types of personal loans according to the requirements of different individuals.
Apply for Oriental Bank of Commerce Personal Loan @ 11.05% Interest Rates
Oriental Bank of Commerce Personal Loan Details
The following are some important ICICI Bank Personal Loan details:
| Interest Rate | 11.05 % |
| Loan Tenure | 5 Years |
| Loan turn around period | 1-7 Days |
| Processing Charges | 1% of loan sanctioned + Taxes |
Features & Benefits of Oriental Bank of Commerce
There are certain features and benefits of the OBC Bank personal loan that an applicant should consider before availing the loan:
Once the verification of loan documents is completed and the loan amount is mutually decided then an applicant can easily get the funds without any obstacles. The loan amount is directly transferred to an applicant's account.
There's a flexible tenure period of the loan ranging from one year to five years.
OBC Bank offers multipurpose personal loan according to the need of an applicant which includes wedding, family function, Home decor or for several other purposes.
With OBC Bank, the procedure to apply for a personal loan is also very quick and easy. The documents that are required to avail the loan amount are also very minimal.
One of the amazing benefits of availing personal loan from OBC Bank is that an applicant can repay the loan with different modes of transaction. For Example Auto-Debit facility, Electronic Clearing Service (ECS) or PDC; which allows the bank to directly deduct the EMI amount from their account.
With OBC Bank, an applicant can get a personal loan either with collateral security or a guarantor.
Types of Personal Loans Offered by Oriental Bank
There are three different types of personal loans offered by OBC Bank to cater to the diverse needs of the applicants. The three major types of personal loans are mentioned below:
- Personal Loan for Government/PSU Employees - Personal Loan is provided to government /PSU employees for different purpose, including marriage (Son or Daughter), education (India or Abroad), family functions(Like Anniversary), and purchase of consumer durables (Refrigerator/Television) or for any other legitimate purpose. Only a permanent or confirmed employee is eligible for this type of personal loan.
- Personal Loan For Corporate Employees - To avail the personal loan, an applicant should be a permanent employee of a corporate organization or any other reputed non-government organization. Personal loan to corporate employees is offered to meet their personal expenses. For Example: Marriage/education/ Vacation, etc.
- Personal Loan For Pensioners - OBC offers a personal loan to pensioners also. A pensioner mustn't be more than 75 years of age. Personal loan for pensioners is provided to meet the personal expenses, including medical treatments, Bon Voyage, family liability, or for any other purpose. Get the minimum personal loan interest rate from OBC Bank and a flexible tenure of the loan (Maximum 60 EMIs) to repay the loan amount.
Oriental Bank of Commerce Personal Loan Interest Rates
| Types | For Government and PSU Employees | For Corporate Employees | For pensioners |
|---|---|---|---|
| Interest Rate (Floating) | One Year MCLR + 2.75% | One Year MCLR +3.75% | 1 YEAR MCLR+2.25% |
| Penal Interest | 2% penal interest over the normal lending interest rates on the overdue amount for an irregular period. | 2% penal interest over the normal lending interest rates on the overdue amount for an irregular period. | |
| Pre-payment Penalty | NIL | NIL | NIL |
| Process Fee | 0.50% of the loan amount with a minimum of Rs 500/- +Service tax, if any. | 1.00% of the loan amount + applicable taxes. | 1.00% of the loan amount plus applicable taxes. |
| Repayment | Maximum 60 EMIs | 60 EMIs |
|
Benefits of OBC Personal Loan
Some of the crucial points why any borrower should choose an OBC Bank personal loan are listed below:
- Pleasing Interest Rates - OBC Bank offers some pleasing interest rates to the borrowers. For government/PSU employees, it's one year MCLR+2.75 %. For corporate employees, it's one year MCLR + 3.75%. And, for pensioners, it's one year MCLR+2.25 %.
- Minimum Requirement of Documents - The process of providing a personal loan to the borrowers is simple, quick, and easy. There's a minimal requirement of documents to avail the loan.
- Repayment Without Any Constraint - The repayment structure of a personal loan is very comfortable and easy. The applicant can repay the loan with a maximum of 60 EMIs, and they can also set an auto-debit for automatic repayment of the loan EMIs.
- Immediate Approval - OBC Bank immediately approves the documentation procedure and easily avails the funds to the applicants without any trouble.
- Flexible Tenure of the Loan - An applicant can get a flexible loan tenure up to five years. In this period, an applicant can easily repay the loan, and of course, depending on the loan amount and repayment period.
- Multifunction Loan - There are different requirements of individuals due to which they want to take a personal Therefore, OBC provides multipurpose loans according to the requirements of an applicant.
Oriental Bank of Commerce Personal Loan Eligibility Criteria
#1. Eligibility Criteria for Government Employees
| Eligibility Criteria | For Government Employees |
|---|---|
| Purpose | The applicant can use this loan for the purpose of family expenditure such as marriage/family functions/education/purchase of consumer durables/to meet its own expenses or any other legal purpose other than speculation purpose. |
| Type of Facility | Term Loan |
| Eligibility | The applicant should be a permanent/fixed employee of the central/state department of Indian Government, any Public Sector Undertaking (PSU) and other government institutions such as Universities/colleges etc. (Note* Having an account in Oriental Bank of Commerce in mandatory) The minimum salary of the applicant should be greater than or equal to 10, 000 The cash in hand salary should not be less than 30% of the gross total salary after deducting the EMI of such loan For those applicants who do not hold any account in Oriental Bank of Commerce should have the minimum salary of 50, 000 |
#2. Eligibility Criteria for Corporate Employees
| Eligibility Criteria | For Corporate Employee |
|---|---|
| Purpose | The applicant can use this loan for the purpose of family expenditure such as marriage/family functions/education/purchase of consumer durables/to meet its own expenses or any other legal purpose other than speculation purpose. |
| Type of Facility | Term Loan |
| Eligibility | The applicant should be the permanent employee of the corporate sector or other reputes non-government organization included school/college etc. (Note* Having an account in Oriental Bank of Commerce in mandatory) Proof of employment for the last 3 years (included the services of the former employer, if any) The net monthly income should be greater than or equal to 10, 000 The cash in hand salary should not be less than 30% of the gross total salary after deducting the EMI of such loan For those applicants who do not hold any account in Oriental Bank of Commerce should have the minimum salary of 50, 000 |
#3. Eligibility Criteria for Pensioners
| Eligibility Criteria | For Pensioners |
|---|---|
| Purpose | It includes medical expenses, family liabilities, bon voyage but excluded speculative purpose |
| Type of Facility | Term Loan |
| Eligibility | Age Limit:
Net pension in hands should not be less than the 50% of the gross pension (included all EMI of such loan). The family pensioners are also entitled to the personal loan as well. |
Documents Required for Oriental Bank of Commerce Personal Loan
Document Required for Salaried Individuals
- Identity Proof: Passport, Voter ID, PAN Card, Aadhaar Card, Driving License
- Residence Proof: Leave and License Agreement, Utility Bill (not more than 3 months old), Passport
- Income Proof: Salary Slips for the last 3 months
- Photograph: 2 Passport Size Photographs
Document Required for Self-employed Individuals
- KYC Documents: Proof of Identity, Address Proof, Date of Birth Proof
- Residence Proof: Leave and License Agreement, Utility Bill (not more than 3 months old), Passport
- Income Proof: Salary Slips for the last 3 months
- Other Documents: Office Address Proof, Proof of Continuity of Business
How to Apply for an OBC Personal Loan
To apply for an OBC Bank personal loan on MyMoneyMantra. All the essential information is provided below to apply:
- Visit the official website - MyMoneyMantra.com
- Firstly, select the personal loan option. Secondly, enter the loan amount
- Mention your personal information, including your first name and last name.
- Enter the personal loan amount that you need to avail from OBC Bank
- Select the loan period, i.e., between 12 months to 60 months.
- Mention the employment type, whether self-employed or a salaried person.
- Enter the details about your current employer.
- Provide information about your income.
- Then, choose your residential city from the given options.
- Enter your contact details like mobile number and Email ID so that MyMoneyMantra can contact you and advice/suggest you about its products and services.
FAQs
Personal Loans are quick and easy unsecured loans given to individuals on the basis of their profile i.e. income, nature of employment, years of work experience etc.Such loans, unlike property-based loans or car loans, do not require the borrower to give any kind of security or collateral to the bank. Most banks do not question the purpose for which the loan is required, but you would still be required to state the purpose of the application form. Lenders do not allow these loans to be taken for speculative purposes like investing in stocks or gambling. Personal loans are currently offered up to 40 Lakhs and are typically repaid in tenures ranging from 1 to 5 years. They are usually processed and disbursed within 3-4 days. These loans are definitely costlier, given that the bank has no security to fall back of the event in which borrowers are unable to pay their installments on time. It is the product of choice when funds are required urgently or the borrower has no security to offer the bank.
- Permanent and confirmed employee of Public Sector Undertaking (PSU) and Centre/ State Government Department and other Government institutions like Universities/Colleges etc. having their salary account with the bank.
- Required monthly salary of the person should be at least 10,000/-.
- The net takes home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.
- In the case of a private job, Minimum 3 years of service, including service with the previous employer.
- For the people who don't have an account in OBC bank should have a minimum income of 50,000/-.
Most of the banks do not require a co-applicant to grant a Personal Loan. OBC might ask for a guarantor prior to sanctioning a personal loan, especially for younger individuals and those with inadequate work experience.
One personal guarantee preferably of a fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.
There is No Margin required.
- Personal Loans for Corporate employees- One Year MCLR +3.75%
- Personal Loans for Govt. and PSU employees- One Year MCLR +2.75%
- Personal Loans for Pensioners- One Year MCLR+2.25%
- For Pensioner: Maximum up to 60 EMIs, subject to the last repayment of 75 years.
- For Family Pensioner: Maximum up to 60 EMIs, subject to the last repayment of 70 years.
- For pensioners and corporate workers: 1.00% of the loan amount plus applicable taxes.
- For Government and PSU employees: 0.50% of the loan amount with a minimum of 500/- Service tax, if any.
- PSU employees: Up to 15 times gross salary with a maximum of 10.00 Lac
- Corporate employees: Up to 15 times of gross salary with a max of 5.00 Lacs
- Defense Personnel: 20 months of net pension with Maximum Limit up to 10.00 lacs
- For others: 18 months of net pension with Maximum Limit up to 5.00 lacs
- Defense Personnel: 20 months in case of defense personnel with Maximum Limit upto 5.00 lacs
- For others: 18 months of net family pension with Maximum Limit up to 5.00 lacs