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Get car loans up to Rs. 100 Lakhs. Enjoy concessions on the interest rates with good credit ratings. Interest rates on the four-wheeler car loan varies from 10.20% to 10.45% based on the loan repayment tenure. Flexible loan tenures up to 84 months.
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Do you wish you had the convenience of moving around in a car? Are you overwhelmed with the different car loans in the market? If you wish to buy your dream car and get the best EMI rates in the market, you can simply log on to the CreditMantri website. You can match the car lenders based on their credit profile and check the interest rates offered by various banks on cars.
Oriental Bank of Commerce is an Indian public sector bank who has their headquarters at Gurgaon in Haryana. It doesn’t matter if you are trying to buy a luxury car – Oriental Bank of Commerce offers car loans up to 100 lakhs. If the loan applicant has been a customer of Oriental Bank of Commerce then he/she is eligible for the concession on the interest rates. The interest rates on the four wheeler car loan varies from 10.20% to 10.45% based on the loan repayment tenure opted by the client. Further, the loan tenures are flexible and you can take up to 84 months to repay the loan amount of Oriental Bank of Commerce.
You must only apply for the Oriental Bank of Commerce bank car loan if you are going to purchase the car for personal use only. They do not offer car loans for commercial use vehicles. Car loans provided by Oriental Bank of Commerce Bank can be taken for the purchase of all variants of cars which can either new or second-hand.
Further, you can also apply for the Oriental Bank of Commerce bank car loan with your spouse, father, mother, brother, son, daughter-in-law and unmarried daughter as a co-applicant.
Second Hand Cars
The income criterion for a four wheeler vehicle is Rs. 30,000 per month (gross) and the vehicle should only be used as a private car.
The minimum take home gross income/pension after all deductions including income tax and instalment of proposed loan shall be as under:
The security hypothecation charge shall be registered in the books of RTO. The collateral security required for four-wheeler vehicles:
Second Hand Car
The repayment period for Oriental Bank of Commerce car loan for a four wheeler for a loan amount:
This is subject to:
* Concession in rate of interest (0.25%) to captive and loyal customers, existing home loan borrowers and group of employees.
The process fee is 0.50% of loan amount subject to minimum of Rs 500 and a maximum Rs. 7000 plus ST. Other Charges include pre-payment penalty and documentation charges.
You can also log on to the CreditMatri website to calculate the car loan required. Here, you type in the tenure, interest rate and loan amount in the calculator and find out the monthly instalments or the EMI that you need to pay for the repayment of the loan. This will help you plan the repayment of the loan better and plan your finances accordingly.
1. What kind of vehicles come under the Oriental Bank of Commerce car loans?
Any type of four wheeler vehicle – new car and second hand cars. The loan is applicable only for private cars, i.e., the four wheeler should not be used for commercial gain. They also finance imported cars but they are subject to certain terms and conditions.
2. What are the financial components of the Oriental Bank of Commerce?
The components of finance are: one time road tax, showroom price and registration charges, along with the insurance cost for the first year.
3. What is the maximum loan amount that is passable through the Oriental Bank of Commerce?
In case the applicant is a professional, pensioner or a salaried individual then the maximum amount provided is 30 months of pension or gross salary provided that his/her net income is between 30%-40% as per the gross annual income.
4. Can I club the income of my family members with my monthly income in order to meet the required income eligibility criteria when applying for an Oriental Bank of Commerce Car Loan?
Yes, you can apply along with a co-applicant who has to be a family member; such as spouse, brother, mother, daughter in law, unmarried daughter and father. The income of these family members can be considered to arrive at the required income eligibility criteria while applying for the Oriental Bank of Commerce car loan.
5. What is the maximum amount that can be availed for the purchase of second hand cars?
The maximum amount that can be availed in case second hand cars through the Oriental Bank of Commerce car loan is Rs. 25 lakhs.
6. How can I apply for Oriental Bank of Commerce Car Loan?
You can apply for the Oriental Bank of Commerce car loan through CreditMantri through an easy application process. Also, Oriental Bank of Commerce has a dedicated customer support for its customers and others who have any questions regarding any of its products. Another way is to approach car lenders and go through the car loan process with them.