Oriental Bank of Commerce Personal Loan @ 8.95% – 14.00% | Features, Purpose, Eligibility Criteria, How To Apply?, Documents Required

Oriental Bank of Commerce Personal Loan: Oriental Bank of Commerce is one of the most trusted public sector banks in India founded by Raj Bahadur Sohan Lal. He was the first chairman of this Bank. Its headquarter is situated at Gurgaon, Haryana. This Bank had approximately 2390 branches along with 2625 ATMs In all over India. In the year 2020, this Bank was merged with Punjab National Bank on 1st April. This Bank provides its services from urban to rural areas all over India. In 2018, this bank was awarded the title of ‘The Best Performing Bank under the Atal Pension Yojana’ by the Pension Fund Regulatory and Development Authority.

Oriental Bank of Commerce provides every type of banking facility and service as like as personal loans, credit cards, internet banking, Mobile banking, deposit accounts, insurances, ATMs, etc.

Oriental Bank of Commerce offers different types of personal loans schemes. If you need any funds for an urgent need, a personal loan is one of the best options for you. Here you can get many attractive as well as many competitive interest rates. Now you need to read on and find out every detail of the personal loan offered by Oriental Bank of Commerce.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Oriental Bank of Commerce

Oriental Bank of Commerce Overview

Interest Rates 8.95% – 14.00%
Loan Amount INR 5,00,000 (Max. 5 months salary)
Tenure 1-5 Years
Processing Fees 0.5% of the loan amount (min INR 500)
Pre-Payment Nil

Oriental Bank of Commerce Personal Loan Features

  • Here you can lend the maximum amount of money. (INR 5,00,000)
  • Repayment options for multiple loans are available here.
  • This Bank provides very fast and easy processing of personal loan applications.
  • Approval of personal loans is done quickly.
  • There is no guarantor is needed for a loan application.
  • You can find a suitable interest rate as you want.
  • A personal loan doesn’t require any type of security.

How to Apply To Get A Personal Loan from Oriental Bank of Commerce?

  • Online Mode: If you want to apply for a personal loan from Oriental Bank of Commerce in online mode, you have to check out the website of this bank and then fill the form with your personal information and then you have to upload the necessary documents.
  • Offline Mode: On the other hand, you can apply in offline mode to get a personal loan. For that, you need to visit personally any near branch of the Bank along with all the required documents such as identity proofs, and then you have to fill the form properly.

Oriental Bank of Commerce Personal Loan Purpose

A personal loan is a kind of borrowed money that is used for an urgent need or any type of temporary use. You have to pay back the total money in monthly installments over a few months or maybe years.

To get a personal loan approval you need to show some purposes. They can be

  1. Debt Consolidation: Debt consolidation is used by the consumers paying off a small debt in only one go by taking one big loan. It is one of the most common reasons to take a personal loan. So when you are going to apply for a personal loan and then use paying off the other loans, you are uniting all the outstanding balance is into one monthly payment. It is the best reason for those who have lots of high debt.
  2. Home Remodeling: Any homeowner can take a personal loan for the renovation of their house such as repairing, home painting, new fixtures, etc.
  3. Moving Costs: When you are moving out, you need extra money to cover your expenses. A personal loan can help you to move all of your household belongings from one place to another place. You can also stay in a comfortable place when you are moving somewhere.
  4. Appliance purchases: When you need to buy any kind of household or electronic appliance suddenly, a personal loan is a great option for you. It allows you to purchase that product easily and provides a big relief.
  5. Wedding Expenses: For the families who don’t have that proper amount of money to cover a whole wedding ceremony, a personal loan can help them. You can apply for a personal loan to pay each expense used in the wedding.
  6. Vacation cost: To cover the cost of a luxurious vacation trip, a personal loan is one of the best ideas for you. A personal loan can help your financial condition and you can easily make your dream successful.
  7. Vehicle Financing: If you need to buy a vehicle urgently, a personal loan is available.
  8. Emergency purposes: For any type of emergency cost or something else that needs immediate action, you can apply for a personal loan.

Oriental Bank of Commerce Personal Loan Eligibility Criteria

For Government /PSU employees

  • The applicant must be a permanent and confirmed employee.
  • The application should have a salary account with this bank.
  • The monthly salary should be at least Rs. 10, 000.

For Corporate Employees

  • The applicant must be a permanent employee.
  • Up to three years of experience is needed in the present job.

For the Pensioners

  • An individual applicant’s age should not be more than 75years.
  • If the applicant is a family pensioner, his/her age should not be more than 70years.

Oriental Bank of Commerce Personal Loan Documents Required

  1. The personal loan form must be filled out and signed properly.
  2. Photographs
  3. Any kind of identity proof such as Aadhar card, driving license, PAN card, Voter ID card, etc.
  4. Proof of income like the latest salary slip which shows all deductions.
  5. Address proof like Bank account statement, lastest electricity bill, latest mobile or telephone bills, latest credit card statement, etc along with the existing house lease agreement.
  6. Bank statement or the Bank Passbook with the entries of the last six months.

Some Personal Loan Myths

  1. Prepayment of a personal loan always attracts a penalty: It is baseless when someone says that prepayment of a personal loan always attracts a penalty. It depends upon the lenders for the charges of any prepayment penalty. Many lenders don’t charge any prepayment penalty.
  2. A personal Loan which has the lowest interest rate is the best: It is wrong that a personal loan at the lowest interest rate is best. You can find many other important components which matter a lot when you select the best lender for your loan. These components include processing fee, eligible amount, tenure of loan repayment, etc.
  3. If you don’t have regular income then your Loan application gets rejected: You can get a chance personal loan application approved even in case you don’t have a regular source of income. You have to add a joint holder having a regular income and then your loan approval will be given.
  4. Longer Personal Loan Repayment tenure is better than any others: It is not true that longer personal loan repayment tenure is better as the borrower will need to pay lower EMIs he/she can pay comfortably. Higher interest outgo is brought by longer repayment tenure. One has to pay interest for a long period.
  5. Interest rates are impassible: The interest rates on the personal loan vary from the customers to the customers. A person with a proper credit score along with good income can negotiate on the interest rates with the lenders and it can get comparatively some lower interest rate loans.
  6. Personal loan approval is guaranteed by a good credit score: If you carry a good credit score it doesn’t mean that you can get Personal Loan approval very easily. There are also so many factors like income, regularity of income, employer, employment type, etc by which the lender considered during the loan approval process.
  7. If you have a poor credit score, you can’t get a personal loan: A credit score is one of those factors which consider getting your loan approval. Your application to get Personal Loan can be rejected with a good credit score because of the other factors which are not up to the mark. A home loan is sanctioned depending on other factors like the borrower’s age, the applicant’s income, etc. When the major banks don’t provide a home loan with a poor credit score then the cooperative banks are there to give the Personal Loan.

Reasons for the Rejections Of Personal Loan

  • If the credit score is very poor: A credit score is a number that represents a person’s financial and credit standing and ability to obtain the financial condition. A good credit score refers to one’s credibility to repay the loan without any defaults. Their lenders need to understand the risk of default. A person with a credit score of 750 may face an issue to be rejected from getting a personal loan.
  • If the size of the existing Debt is high: If you have already taken a lot of loans and the loan net income ratio is above 40% then your loan application may be rejected by the leaders.
  • If the Loan inquiries are high in numbers: Whenever you apply for credit, you are asked for your credit report from the credit bureaus by the lenders which is called an inquiry. The credit bureau considers such inquiries which are called hard inquiries and it is mentioned in your credit report. You should not make too many inquiries even it is available free of cost. It will impact a negative effect on your credit score.

Conclusion on Oriental Bank of Commerce Personal Loan

So, we have witnessed that taking a personal loan is a great decision to cover the extra funds or expenses. Getting a personal loan is a good idea but you should have a stable income for covering the repayment process. On the other hand, the best part is you can use the personal loan for any purpose. The interest rate is quite lower than the regular credit cards. If you have a good credit score along with the other factors, you can surely apply for a personal loan. It’s a suitable financing option for the consolidation of existing debts.

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