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Is your Credit Score >750?
Oriental Bank Of Commerce offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. Oriental Bank Of Commerce personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.
Often, due to unforeseen circumstances, we are in urgent need of cash and don’t know where or whom to turn to. If you need funds urgently, a personal loan might be a quick and convenient option. You do not need to offer collateral and can use the money in any way you want. Interest rates for personal loans in India are relatively high as compared to other consumer loans because lenders protect their money against customer default by charging a high interest rate.
The loan amount can be used for any purpose as long as it is legal and not for speculative purposes. You could use the money for a variety of reasons - funding an expensive vacation, improving your business cash flow, consolidating your credit card debt, to celebrating a wedding, buying an expensive gadget, medical treatment, or sudden loss of income.
The interest rate on a personal loan could range from 11% to as high as 32% per annum or more. It is determined by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Oriental Bank Personal Loan Interest Rate
Oriental Bank of Commerce Personal Loan Interest Rate 2018: 10.85% p.a. upward (dependent on current MCLR)
Personal Loan Interest Rates Oriental Bank of Commerce and other fees and charges are subject to regular reviews and can vary with each customer. Oriental Bank of Commerce Personal Loan Interest is calculated based on current MCLR amongst other factors. The final interest rate will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time among other factors. For the most up to date information on the Oriental Bank of Commerce Personal Loan Rate and other allied fees and charges, it is advisable to contact the bank directly.
An EMI, or Equated Monthly Instalment, is the amount that you need to pay every month to pay off your personal loan in full. The amount that is paid on a fixed date every month. Each EMI consists of payment towards the principal and interest component.
It is simple to calculate your personal loan EMI payments by using an online Personal Loan EMI Calculator. The calculator can help you calculate the exact EMI outflow every month as well as the interest amount you pay. Using the calculator is free, easy and simple, and you can find out your EMI in a matter of minutes to help you with your monthly personal budgeting.
Remember that your credit score is a vital factor in your personal loan being sanctioned. Be aware of your credit score when you plan to apply for a personal loan, or any line of credit, for that matter. You can get your credit score by obtaining a copy of your credit report from one of the three main credit rating bureaus in India. It is generally advisable to have a credit score of at least 750 when applying for a personal loan.
If you have bad credit, it is difficult to secure a personal loan with a favourable interest rate. If your loan application is approved despite having a poor credit score, you might be charged a high interest rate and other unfavorable terms on your loan.
Once the bank receives a completed application form with the required documentation, your personal loan eligibility is determined. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
1. What are the minimum and maximum loan amounts?
The final loan amount is at the sole discretion of the bank. The loan amount is influenced by different parameters like your income, credit history, repayment patterns and capacity, among various other factors. You can contact the bank directly for details on minimum and maximum amount applicable to you.
2. What are the tenures available?
You can choose a loan tenure of up to a maximum of 5 years.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, personal loans are generally approved within 7 to 10 working days from the submission of the application. However, if you are an existing customer, it may take less time for the loan to be processed.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
You may be charged a processing fee which is a percentage of the total loan amount.
6. Is there a prepayment charge?
There is generally no prepayment penalty for personal loans, but it is best to check directly with Oriental Bank of Commerce for specific prepayment and foreclosure charges applicable – you will need to check this at the time of applying for the loan.
There are several ways of applying for an OBC Personal Loan. You may not be able to apply online at the website. However,
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department of Oriental Bank of Commerce
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
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