Oriental Bank of Commerce Car Loan

Updated: 09-06-2022 10:09:05 AM

Oriental Bank of Commerce Profile

The Oriental Bank of Commerce (OBC) was founded in the year 1943 in Lahore (Pakistan), which was then in India. Within 4 years of being established, the Bank was affected by the partition of India and Pakistan. The bank moved out of newly-formed Pakistan and shifted its registered office to Amritsar.

Oriental Bank of Commerce is an Indian public sector bank headquartered at Gurgaon in Haryana. With features like phone banking, internet banking, NRI banking and more the bank has launched yet another planning process essentially to tackle the maladies of poverty. Aiming to alleviate poverty and recognise the reasons responsible for success or failure, Oriental Bank of Commerce provides cutting-edge technologies and innovative services.

Features of Oriental Bank of Commerce car loan

Oriental Bank of Commerce bank car loan has the following key features and benefits:

• Maximum loan approved is 85% of on road price of a new vehicle or up to 70% of the market value for a used vehicle
• Maximum ceiling amount for new car loan is 1 crore and Rs. 25.00 Lacs for old cars.
• 1.00% of loan amount subject to minimum of 500/- & maximum 7000/- plus service tax as processing of the car loan application form
• The car finance includes show room price + one time road tax + registration charges and first year’s insurance cost
• Guarantor required
• Loan tenure by Oriental Bank of Commerce is a minimum of 1 year and a maximum of 7 years for new vehicles and 5 years for used vehicles
• No prepayment charges are applicable
• Loan is provided for all types and makes of cars
• NRIs can apply for a car loan with a joint application with a close relative who resides in India

Oriental Bank of Commerce car loan details

• Purpose

Oriental Bank of Commerce bank car loan can be availed for the purchase of all cars for personal use only. The Bank does not offer car loans for commercial use vehicles. Car loan 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.

• Target Group

People eligible for an Oriental Bank of Commerce bank car loan include:

a) Salaried Individuals having minimum 1 year of working experience. Previous employment can also be taken into consideration for the criterion of 1 year service.

b) Professionals such as doctors

c) Business entities having at least two years of business experience.

d) Agriculturist on the basis of their land area and capacity of repayment.

e) Non-Resident Indians can avail a Oriental Bank of Commerce bank car loan jointly with Resident Indians who is a close relative.

• Co-applicants for Oriental Bank of Commerce car loan

You can apply for an Oriental Bank of Commerce bank car loan with your Spouse, Father, Mother, Brother, Son, Daughter-in-law & unmarried daughter as co-applicant.