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OBC Personal Loans Eligibility Criteria

Oriental Bank Of Commerce Personal Loan Eligibility

Oriental Bank of Commerce has personal loans for many categories of applicants. The eligibility criteria and the loan amount to be sanctioned for these loans depend on the nature or category of the applicants. The details of the personal loans of the bank and the eligible applicants are mentioned hereunder.

Personal Loan for Government or PSU Employees

This type of personal loan is specific to the government employees or the employees of the Public Sector Units. Such applicants can apply for a personal loan from the bank to meet their genuine personal expenses except for the purpose of speculation. The eligibility criteria for this type of personal loans are,

Employment Status

The bank requires the applicants to be permanent employees of any of the following entities,

  • Central Government
  • State Government
  • Public Sector Undertakings
  • Government Institutions (Universities, Colleges, etc.)

Relationship with the Bank

The applicant needs to have their salary account maintained with any branch of the bank

Income Status

The minimum income to be eligible for the personal loan of the bank depends on whether the applicant has an account with the bank or not.

For applicants having salary account with the bank

  • Net monthly salary to be a minimum of Rs. 10,000
  • Net take-home salary to be a minimum of 30% of the Gross Salary post deduction of proposed EMI.

For applicants not having a salary account with the bank

  • Minimum Gross Monthly Salary to be Rs. 50,000

Personal Loan for Corporate Employees

Personal loan under this category is specifically for the employees working with any reputed corporate or non-government institutions like colleges, schools, etc.

Employment Status

The bank requires the applicants to be permanent employees of any of the above mentioned entities. Apart from that the bank also requires the applicants to have a minimum period of service of 3 years including the service of any previous employer if any.

Relationship with the Bank

Another important requirement is to maintain the salary account with any branch of the bank.

Income Status

The bank has also set a minimum income requirement to be eligible for this personal loan. Such minimum income depends on whether the applicant has an account with the bank or not.

For applicants having salary account with the bank

  • Net monthly salary to be a minimum of Rs. 10,000
  • Net take-home salary to be a minimum of 30% of the Gross Salary post deduction of proposed EMI.

For applicants not having salary account with the bank

  • Minimum Gross Monthly Salary to be Rs. 50,000

Personal Loan for Pensioners

Oriental Bank of Commerce provides personal loans to pensioners to meet their personal needs like medical expenses, travel, family liabilities, etc. the bank specifically prohibits the applicants to apply for this personal loan for speculation purposes. The details of the eligibility requirement for this loan are,

Eligible Applicant

The person loan under this category can be applied by,

  • A person receiving pension
  • Spouse of such person receiving a pension after the death of the pensioner. Such a person is known as Family Pensioner for the purpose of the loan.

Age of Applicant

The bank has set the maximum eligible age of the applicant to be eligible for loan under this category.

For Pensioners

The maximum age of the pensioner cannot exceed 75 years of age at the time of the last repayment of the loan taken

For Family Pensioners

  • The maximum age of the family pensioner cannot exceed 70 years of age at the time of the last repayment of the loan taken

Amount of Pension

The bank states that the net take-home pension of the applicant should be a minimum of 50% of the Gross Pension received by the applicant. Such amount will be calculated after considering the EMI of the proposed loan.

Overview of Personal Loans from Oriental Bank of Commerce

Personal loans are the general purpose loans that can be availed by an applicant to meet their personal needs. The purpose of these loans can be any personal expense like weddings, medical emergence, home repairs or renovations, etc. These loans are available with minimum documentation and are also processed faster as compared to other loans like home loans, education loans, etc.

Personal loans from Oriental Bank of Commerce are a popular product in this segment. The bank has relaxed eligibility criteria that enable a maximum number of applicants to be eligible for personal loans. Given below are the details of the personal loans from Oriental Bank of Commerce and the eligibility criteria for these loans.

Features of Personal Loans at Oriental Bank of Commerce

The personal loans of Oriental Bank of Commerce are available at minimum documentation and faster processing. The highlights of the personal loan of the bank are tabled below.

Type of Personal Loan

Quantum of Loan

Rate of Interest

Tenure

Processing Fees

Personal Loan for Government 

Lower of,

  • 15 times Gross Salary
  • Rs. 10,00,000

RBLR+2.85% (Term Loan)

RBLR+3.10% (Overdraft)

5 years

0.5% of the loan amount (Minimum Rs. 500)

Personal Loan for Corporate

Lower of,

  • 15 times Gross Salary
  • Rs. 5,00,000

RBLR+3.85%

5 years

1% of the  loan amount (excluding taxes) 

Personal Loan for Pensioner

Pensioners

  • Defence Personnel - Lower of 20 months net pension or Rs. 10,00,000
  • Others - Lower of 18 months net pension or Rs. 5,00,000
  • Family Pensioners
  • Defence Personnel - Lower of 20 months net pension or Rs. 5,00,000
  • Others - Lower of 18 months net pension or Rs. 5,00,000

RBLR+2.35%

5 years (the last repayment to be 75 years for pensioners and 70 years for family pensioners)

1% of the  loan amount (excluding taxes)

What is the Personal Loan Eligibility Calculator?

Personal Loan Eligibility Calculator is a distinct feature available with most banks that lets the applicants get a fair estimate of the quantum of the personal loan that can be availed by them. This feature lets them know whether they are eligible to get a personal loan from the bank as per the guidelines laid by the bank. The applicant has to certain basic inputs to determine whether he/she is eligible for the personal loan of the bank as well as the quantum of finance that can be sanctioned to such applicant as per the rules of the bank in this regard. The details that are usually required by the applicants to determine their eligibility for a personal loan are,

  • Monthly Income of the Applicant
  • Rate of Interest
  • Tenure of the Loan
  • Additional Liability (if any)

By providing the above details the applicant will be able to get the estimated loan amount that can be sanctioned by the bank. For many banks, the tool can also be used as an EMI calculator. This enables the applicants to get an estimate of the EMI (Equated Monthly Installment) amount to be paid for getting the proposed loan in the given period of time.

Overview of Oriental Bank of Commerce

Oriental Bank of Commerce is a well-known name in the Indian banking sector. Its recent merger with the Punjab National Bank has made it one among the top five public sector banks in our country. Oriental Bank of Commerce offers an array of loans at reasonable rates of interest and for longer tenures, that make it convenient for borrowers to repay them.

FAQs – Personal Loan Eligibility – Oriental Bank of Commerce

1. What are the factors affecting personal loan eligibility?

A. There are many factors affecting the eligibility of the personal loans of Oriental bank of Commerce. Some of these factors are discussed below,

Age of the applicant

Most banks provide strict age guidelines for the applicant to be eligible for the personal loan of that bank. This ensures that the loan is not provided to a minor or to a person post-retirement (except pensioner) that does not have a reliable source to repay the loan taken.

Credit Score of the applicant

The credit score of the applicant is a crucial factor in detaining the eligibility for the personal loan. If the credit score of the applicant is good then the loan is easily available and the rate of interest is also lower and vice versa.

The income of the Applicant

The income of the applicant is another crucial factor in determining loan eligibility. The applicant has to meet the minimum income requirement of the bank for eligibility. This ensures that the loan provided by the bank does not turn into an NPA.

Relationship with the Bank

Many banks also insist on providing loans to their existing account holders. The bank requires the applicants to meet the minimum duration for which the account is held with any branch of the bank.

Work experience

The bank may also insist on having a minimum work experience to be eligible for the loan. This condition is especially found in the case of self-employed applicants.

Security/Guarantee

Personal loans are mostly unsecured loans. However, the bank may require the applicants to provide basic guarantee or security for the loan deepening on their guidelines or the amount of loan required by the applicant.

Loan amount required

The loan amount is another factor that will decide the loan eligibility of an applicant. The banks set specific quantum of finance that can be sanctioned to each category of the applicant (like salaried, self-employed, pensioner, professional, etc.).

2. Can a self-employed person apply for the personal loan from OBC?

A. No. Oriental Bank of Commerce does not provide personal loans to self-employed persons.

3. Does Oriental Bank of Commerce grant personal loans for speculation?

A. No. Oriental Bank of Commerce specifically prohibits the applicants to apply for a personal loan of the bank for speculation purposes.

4. What are the documents needed for a personal loan from OBC?

A. The applicants need to provide basic KYUC documents to be eligible for the personal loans of the bank. These documents include,

  • Identity Proof
  • Address Proof
  • Income Proof
  • Bank Statement
  • Recent Passport Size Photographs

5. How can I get a personal loan from OBC?

A. A person can apply for personal Loan of OBC through any of the following modes,

  • Visiting the nearest branch of the bank
  • Applying through the website of the bank
  • Mobile Banking
  • Internet Banking
  • Customer Care Service

6. Can a person having a low credit score get a personal loan from OBC?

A. Yes. A person having a low credit score can get a personal loan if the guidelines of the bank permit sanction of such application. However, the rate of interest on such loans is relatively higher.

7. Is having an account with the bank mandatory for a personal loan of OBC?

A. No. Having an account with the bank is not mandatory for a personal loan of OBC.

8. Can a person apply for a personal loan of OBC even after the death of a pensioner?

A. Yes. The family pensioner can apply for a personal loan of OBC provided such applicant is not over 70 years of age at the time of last repayment of the loan taken.

9. What is the customer care number of OBC for personal loans?

A. The customer care number of OBC for personal loans is 1800 102 1235/ 1800 180 1235.

10. Can a professional apply for the personal loan?

A. A professional cannot apply for the personal loan of OBC if such professional has his/her own practice and is not employed with any of the eligible organizations.

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