Oriental Bank of Commerce Personal Loan

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ABOUT ORIENTAL BANK OF COMMERCE PERSONAL LOAN

In Indian banking scenario, Oriental Bank of Commerce (OBC) is the 7th largest public sector bank. Oriental Bank of Commerce was established in Lahore in 1943.OBC Bank has almost 1000 branches all over India and getting stronger after its takeover of Global Trust Bank in the year 2004. The bank offers personal loans to the government/ PSU and corporate employees and for 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 requirement of different individuals. OBC Bank also offers some attractive rate of interests and most importantly, flexible loan amount with easy repayments and nominal documentation. To avail personal loan it is mandatory for the borrower to provide a collateral security or a guarantor. The interest rates are also very minimal so that the borrower isn't burdened with the EMI payments.

Oriental Bank of Commerce Personal Loan Interest Rate February 2019 (updated)

Interest rate

10.65 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

0 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2157  Per Lakh

FEATURES AND BENEFITS OF ORIENTAL BANK OF COMMERCE PERSONAL LOAN

There are certain features and benefits of OBC Bank personal loan that an applicant should consider before availing the loan:

  • Once the verification of documents is completed and the personal loan amount is mutually decided then an applicant can easily get the funds without any obstacles. The loan amount is directly transferred into an applicant's account.
  • There's a flexible tenure period of the loan basically 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 a collateral security or a guarantor.

TYPES OF PERSONAL LOAN OFFERED BY ORIENTAL BANK OF COMMERCE (OBC)

There are basically 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 loan are mentioned below:

  1. 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.
  2. 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.
  3. Personal Loan For Pensioners - OBC offers a personal loan to pensioners also. It is mandatory that a pensioner shouldn't be more than 75 years of age. This type of personal loan is provided to meet the personal expenses including medical treatments, Bon Voyage, family liability or for any other purpose. OBC Bank is providing personal loans at minimum interest rates a flexible tenure of the loan (Maximum 60 EMIs) 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 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

  • 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

 

WHY ORIENTAL BANK OF COMMERCE (OBC) FOR PERSONAL LOAN?

Some of the crucial points that why any borrower should choose 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 minimal requirement of documents to avail the loan.
  • Repayment Without Any Constraint - The repayment structure of personal loan is very comfortable and easy. The applicant can repay the loan with maximum 60 EMIs and they can also set auto-debit for automatic repayment of the loan EMI's.
  • Immediate Approval - OBC Bank immediately approves the documentation procedure and easily avail the funds to the applicants without any trouble.
  • Flexible Tenure Of the Loan - An applicant can get flexible loan tenure up to five years. In this period, an applicant can easily repay the loan and of course, depending upon 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 requirement of an applicant.

Oriental Bank of Commerce Personal Loan Eligibility Criteria

Eligibility Criteria for Government Employee

Eligibility Criteria

For Government 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 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


Eligibility Criteria for Corporate Employee

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


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:

  • For pensioner: The maximum age to avail personal loan for pensioners is 75 years.
  • For Family Pensioners: The family pensioner would be the spouse of pensions and he/she would not be more than 70 years at the time of receiving the pension amount after the death of the pensioner.
  • 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

Document

Salaried individuals

Identity Proof

Any one of:

  • Passport
  • Voter ID
  • PAN Card (Mandatory)
  • Aadhaar Card (Mandatory)
  • Driving License

Residence Proof

Any one of:

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)
  • Passport

 Income Proof

  • Latest 3 months Bank Statement (where salary/income is credited)
  • Salary Slips for last 3 months

Photographs

  • 2 Passport Size Photographs

 

Documents

Self-employed individuals

KYC Documents

  • Proof of Identity
  • Address Proof
  • Date of Birth Proof

Residence Proof

Any one of:

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)
  • Passport

 Income Proof

  • Income proof (audited financials for the last two years)
  • Latest 6 months Bank statement

Other Documents

  • Office Address Proof
  • Proof of Continuity of Business

Other Products by Oriental Bank of Commerce

Following are the other products offered by the Oriental Bank of Commerce (OBC) for its customers:

  • Digital Banking
  • Deposits
  • Retail Loan
  • Insurance & TPP
  • Priority Sector
  • Government Business
  • MSME
  • Forex

Processing fee and other charges

  • 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.

Oriental Bank of Commerce Personal Loan Customer Care

The customer care service of Oriental Bank of Commerce is available 24 x 7 to resolve the problem of customers. Customer care team of Oriental Bank of Commerce is well qualified and has full knowledge about every aspect of the personal loan.Customer service team is driven to deliver a high level of satisfaction regarding clarification of every issue pertaining to personal loan. In case of any doubt or emergency, you can contact the Oriental Bank of Commerce on the toll-free number 1800-102-1235, 1800-180-1235, 0120-2580001 and you can also drop them an email on insp@obc.co.in.

 

Oriental Bank of Commerce Latest News

Is it the right time to buy OBC stocks?

29thJune, 2018: Because of the fall in the price of the shares from rs.101.35 to rs.73.9, makes it a must buy. It is the lowest fall till now. According to NSEI, the price will not fall more than this so it is a good time if you are willing to buy OBC shares.

OBC to hold the major stake in few firms, like GTL Infra and Ballarpur Industries.

2ndAugust, 2018: Bank asks bids from Insolvency Professionals, Merchant Bankers, Asset Restructuring Companies, Financial Consultancy Firms to advise it on the stake sale. It expects the advisors to be well-versed with technical and legal matters. RBI said in revised outline for resolution of stressed assets in the starting of the year, all the extant instructions on the resolution of stressed assets have been withdrawn.

From 11 October, the Oriental Bank of Commerce will have an increase of 0.10% in MCLR.

10thOctober, 2018: For 6 months, 3 months and 1 month tenor loans, Marginal Cost of funds based Lending rate has been increased by 0.10% each to 8.70%, 8.50% and 8.45%, respectively. The bank said that they will revise MCLR from 11thOctober, 2018. After this announcement, Stock of OBC closed with the high of 6.41% at 63.95.

OBC takes steps to stop insider trading

29thSeptember, 2018: According to SEBI and Banks Code of Conduct for reporting, monitoring and regulation of trading by any insider, the trading window shall remain closed for the directors and designated persons of the bank from 1st October for up to 48 hours. This news got publicized after they reviewed financial results on 30 th September.

PNB, OBC and Andhra Bank Merge

24thSeptember, 2018: It is the second largest merger in the banking industry. With a view to partnership among public sector banks to create strong entities, serving as catalysts for growth, will improve the profile of the banks.The government has hired an AM in the place of three ministers.

FREQUENTLY ASKED QUESTIONS

What are personal Loans?

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 on 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.

What is the eligibility for getting a personal loan?

  • 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/-.

Is there any need to have a co-applicant to avail a personal loan?

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.

Is there any security required?

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.

Is there any margin requirement?

There is No Margin required.

What do I need to know about the Personal Loan application process?

  • Determine your Loan requirement and your eligibility - This differs from lender to lender and depends on various factors like your age, income, profile, past credit performance etc.
  • Apply for the loan with the lender of your choice by filling the application form of the lender and providing all requisite documents. OBC team will meet you at your convenience and help you in choosing the loan best suited for your requirements, completing all documentation requirements and getting your application logged.
  • Verification/Credit Appraisal Process - OBC will verify the information and documentation provided along with checking your credit history.
  • Disbursal of Loan- OBC's Personal Loan specialists will assist you all the way. No need to worry, as OBS is just a phone call away at all times. OBC will be happy to hear from you even after the loan has been disbursed and if you would like to get any help or clarification regarding your loan.

What is the rate of interest on personal Loan?

  • 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%

What is the eligibility for a Pensioner and family Pensioner?

  • 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.

Is there any processing fee charged on the Personal Loan?

  • 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.

What is the amount of loan that can be sanctioned?

  • and 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

WHY APPLY FOR ORIENTAL BANK OF COMMERCE (OBC) PERSONAL LOAN ON MYMONEYMANTRA?

MyMoneyMantra is a website through which an applicant can apply for a personal loan without any worries. It is an amazing application tool where an applicant can review their loan eligibility status. On MyMoneyMantra, an applicant can check their OB Celigibility for a personal loan. MyMoneyMantra is ready to help you with the entire loan application procedure. Below mentioned are some features and benefits for the applicants looking for a personal loan on MyMoneyMantra:

  • One of the main benefits is that MyMoneyMantra facilitates easy documentation. An Applicant can quickly get the loan amount from OBC.
  • MyMoneyMantra also mentions the processing fee for separate banks so that the borrower who's willing to take a personal loan from OBC Bank is aware ofall the charges.
  • Another feature of MyMoneyMantra is that it helps in determining the eligibility status and repayment capacity depending upon the income of the applicant.
  • All the applications for OBC Bank personal loan are safe and secure as applications are sent electronically to the concerned department of OBC.

HOW TO APPLY FOR ORIENTAL BANK OF COMMERCE (OBC) PERSONAL LOAN ON MYMONEYMANTRA?

How to apply for OBC Bank personal loan on MyMoneyMantra? Don't worry at all because the process is quick, simple and easy. 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 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 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 product and services.