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Oriental Bank of Commerce Personal Loan Interest Rate - June 2021

Interest rate11.05 %
Loan tenure5 Years
Loan turn around period1-7 Days
Processing Charges1% of loan sanctioned + Taxes
Who can apply?Self-employed professionals
Salaried individuals
Indian residents
Dishonour Charges750 per instance
Lowest EMI2177  Per Lakh

Features & Benefits of Oriental Bank of Commerce

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

Once the verification of Loan documents is completed and the loan amount is mutually decided then an applicant can easily get the funds without any obstacles. The loan amount is directly transferred to 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 collateral security or a guarantor.

Types of Personal Loan Offered by Oriental Bank

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. Personal loan for Pensioners is provided to meet the personal expenses including medical treatments, Bon Voyage, family liability or for any other purpose. Get minimum personal loan interest rate from OBC Bank and a flexible tenure of the loan (Maximum 60 EMIs) repay the loan amount.

Oriental Bank of Commerce Personal Loan Interest Rates

TypesFor Government and PSU EmployeesFor Corporate EmployeesFor pensioners
Interest Rate (Floating)One Year MCLR + 2.75%One Year MCLR +3.75%1 YEAR MCLR+2.25%
Penal Interest2% 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 PenaltyNILNILNIL
Process Fee0.50% of the loan amount with a minimum of Rs 500/- +Service tax, if any.1.00% of the loan amount + applicable taxes.1.00% of the loan amount plus applicable taxes.
RepaymentMaximum 60 EMIs60 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 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 a 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 CriteriaFor Government Employee
PurposeThe 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 FacilityTerm 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 CriteriaFor Corporate Employee
PurposeThe 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 FacilityTerm 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 CriteriaFor Pensioners
PurposeIt includes medical expenses, family liabilities, bon voyage but excluded speculative purpose
Type of FacilityTerm 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 Loan

DocumentSalaried 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
DocumentsSelf-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 OBC

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:

Details for personal loan processing fees and other charges applicable on your 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 Rs 500/- +Service tax, if any.

Why Apply OBC Bank 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 OBC Bank personal loan

To apply for OBC Bank personal loan on MyMoneyMantra. 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.

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Navi Personal Loan @9.9% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

Oriental Bank of Commerce FAQs

What are personal Loans?

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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 of 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?

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  • 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?

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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?

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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?

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There is No Margin required.

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

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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?

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  • 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?

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  • 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?

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  • 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?

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  • 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