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Getting a car has always been a challenge - the main issue being the availability of funds to do so. You can now say hello to your personal car with Oriental Bank of Commerce car loan. Oriental Bank of Commerce (OBC) is an Indian public sector bank that provides car loans once you meet the eligibility criteria. The car loans can only be availed for personal use and not for commercial purposes e.g. taxis. You can either avail the loan for the purchase of a new car or a pre-owned car.
Making Oriental Bank of Commerce your choice for a car loan comes with many benefits. Oriental Bank of Commerce has an alliance with car manufacturers and dealers pan India. You can choose any make, brand, size, or colour of the car if you can meet the bank's terms. The car loan covers a one-time road tax, showroom price and the cars insurance costs. Oriental Bank of Commerce approves a maximum loan of 85% of the total cost for new car and 70% for pre-owned cars.
About Oriental Bank of Commerce Car Loan Eligibility
Before applying for a car loan, you should know if you meet the eligibility criteria for the loan. Checking your car loan eligibility status, helps you avoid loan denials and a waste of time.
The following can avail of Oriental Bank of Commerce car loan -
Below are the eligibility requirements for self-employed and salaried people:
Evidence of Income, showing:
Professionals, Salaried employees and Pensioners:
The Maximum amount is equal to 30 months’ gross pension/salary on condition that the net take-home income salary is 30%-40% slab according to Annual Gross Income.
Generation of cash to satisfy the repayment of the proposed loan.
Oriental Bank of Commerce repayment period is 84 EMI’s.
Maximum age for loan maturity is:
1.00% of loan amount subject to a minimum of 500/- and maximum of 7000/- car loan application form.
Upfront fee - NIL
*New car loan interest rate approved by Oriental Bank of Commerce is 9.05%, while Pre-owned cars are 10.90%.
The following formulae are applied for computation of loan EMI -
E = P*r [(1=r) ^n/ (1=r) ^n-1)]
E represents the monthly EMI
P represents the Principal amount
n represents the numbers of years
You can also use the car loan eligibility / EMI calculator on the bank website for more accurate computations. Bear in mind, that terms are subject to change at any time, therefore, it would be advisable to back up your computation with a consultation with a bank official.
1. Does Oriental Bank of Commerce car loan scheme cover car-purchase charges?
Yes, Oriental Bank of Commerce covers road tax, showroom price, registration fees and insurance for the first year.
2. Can a 16-year-old apply for an Oriental Bank of Commerce car loan?
No, the minimum age required for Oriental Bank of Commerce car loan is 18 years the maximum age at maturity should be 65 years.
3. What is Oriental Bank of Commerce maximum tenure for a car loan?
The maximum tenure is 7 years.
4. What collateral is required to get an Oriental Bank of Commerce car loan?
The car itself acts as collateral. Besides that, the applicant should have a minimum gross monthly income of INR 40,000 or should provide a personal guarantee or a guarantor.
5. What is the loan margin for pre-owned cars?
Pre-owned car margins are 20% by TVS and 30% non-TVS
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