AVAIL THE LOWEST RATE OF INTEREST ON CAR LOAN FROM ORIENTAL BANK OF COMMERCE

car loan

Click to Apply Online or Call us on 600 11 600 or 7707861526


 Everyone dreams of having own vehicle, and it is not always necessary that the person has the money to pay for the car. They have to think of a finance option that provides money to buy for the vehicle. An Oriental Bank of Commerce Car Loan is a convenient scheme that allows a person to bring home a car.  The loan can be used to buy a car of any brand and model. It offers monetary support to people and helps them in acquiring the dream vehicle.

About Oriental Bank 

Oriental Bank of Commerce is an India-based bank established in Lahore. It is one of the public sector banks in India. Late Rai Bahadur Lala Sohan Lal founded the bank.  The bank provides various services like phone banking, internet banking, NRI banking, etc. However, it does not offer online banking services outside India.
 

Oriental Bank Car Loan Interest Rates 

New Car Interest Rate

Amount Less than 3 lacs 

  • Interest Rate 10.25 to 10.15
  • Average 10.5

Amount 3 – 6 lacs

  • Interest Rate 9.50 to 10.25
  • Average 9.75

Amount 6 – 10 lacs

  • Interest Rate 9.25 to 9.75
  • Average 9.5

Amount  10 – 20 lacs

  • Interest Rate  9.10 to 9.65
  • Average - 9.35

More than 20 lacs 

  • Interest Rate  8.90 to 9.25
  • Average – 9

Used Car Interest Rate & Loan Against the Car 

  • Interest Rate  13% – 16%
  • Average   14%

Oriental Bank Car Loan Tenure 

  • New Car Loan –  Minimum 2 year - Maximum 7 year
  • The used car loan and Loan against the car – Minimum 2 year - Maximum 4 year

Oriental Bank Car Loan Charges  

  •  Pre-closer charges – 0 – 2.5%
  •  Processing Fee – 0 to 3 %

Special Note: Banks do not provide Car Loan to bad credit holder, but one can fulfill their money requirement with Gold Loan easily.

 

Car Loan Highlights

  1. Firstly, No extra charge
  2. Secondly, the Less documentation process
  3. Thirdly,  CIBIL Score 700 & more; Note – Most banks avoid giving loans if you have a low CIBIL score/ credit score
  4. Moreover, the Tenure period differs from 1-7 years.
  5. Next, Moderate Interest Rates
  6. Besides that, Effectively accessible as well as immediately affirmed
  7. Also, Immediately available
  8. All above, simple month to month repayment choices

Oriental Bank Car Loan Eligibility 

For Salaried

  1. Age - Minimum 21 years; Maximum60 years  Note: time of maturity of the loan 
  2. Income - Minimum Income in metro city 22k; In a rural area 16k; In an urban area 18k
  3. Work Experience - Minimum of 2 years of total experience
  4. Must have completed one year of service in the current job
  5. Residence Stability - Two years in the city; One year in the current residence or should be residing in the own house
 
Self-Employed
  1. Age - Minimum 30 years (25 years with co-applicant); Maximum 60 yrs at the time of maturity of the loan
  2. Income Proof - Minimum ITR 2 lacs
  3. Business Stability - 2 years of minimum business stability mitigated with proof
  4. Residence Stability - Two years in the current city; One year in the current residence or should be residing in the own house
 

Documents Required For Oriental Bank Car Loan

For Salaried
  1. Firstly two passport size photos of the applicant
  2. Secondly identity proof required includes-  PAN card / Driving License / Passport / Voter Id / Aadhar card 
  3. Thirdly residence proof required documents like - Electricity Bills/ Water Bills / Rental agreements  /Driving License/ PAN card / Voter Id / Aadhar card 
  4. Next income Proof of Latest 3 months salary slip
  5. Also the latest six months banking statements
 
Self-Employed
  1. Firstly two passport size photos of the applicant
  2. Secondly identity proof required includes -  PAN card/Driving License / Passport / Voter Id / Aadhar card 
  3. Thirdly residence Proof document like Electricity Bills / PAN card/ Water Bills / Rental agreements / Voter Id / Aadhar card / Driving License
  4. Moreover business proof involves Minimum ITR 2 lacs.
  5. Also the latest six months banking statements.
 

Addition Documentation For Car Loan

If the Borrower wants to take a car loan by pledging land then he/she required:
Firstly, Land Proof -  the Borrower should have land proof by his/her name
Secondly, The minimum land requirement of 4 acres.
 

How to Check Car Loan Eligibility?

To be eligible for a car loan, The applicant must qualify against a specific set of expectations of eligibility criteria. For instance, Oriental Bank of Commerce Car Loan, moreover eligibility to avail car loan is dependent upon the following factors like-
 
  1. Firstly, borrower must be an Indian citizen.
  2. Secondly, the minimum applicant age  21 yrs as well as older than 60 yrs at loan maturity to avail car Loan.
  3. Thirdly, He/she must have a good annual income that properly demonstrates his/her capacity for loan repayment the amount he borrows.
  4. Besides that,  the applicant must have secure employment working current job status of one year as well as regular income in the account.
  5. More importantly, he must possess a mobile number that marks his address and the occupation of that address for an expected duration of time.
  6. Besides that, the borrower should have some source of income.
  7. After that, the monthly income of the applicant should be Rs. 18k minimum.
  8. Moreover, the borrower should be in the business for two years.
  9. After that, the borrower should be from two years in employment as well as from 1 year in the same company.
  10. Finally, CIBIL scores of the borrower should be more than 750. 

How to Apply for Oriental Bank Car Loan

  1. Firstly visit www.dialabank.com
  2. Secondly, Fill the online application form 
  3. Thirdly, Enter the basic information in the above application form.
  4. After that, For more information call 7707861526 or 60011600 with your city code.
  5. The process is very easy and simple.

 

FAQ

Ques.  Does Dialabank charge me for its services?

Ans: No, Services by Dialabank come to you free of cost.

Ques. A Best online platform for availing Oriental Bank Car Loan?

Ans: Firstly Dialabank is the best platform to get a loan through. Secondly, they provide you hassle-free process as well as the low rate of interest in the market as compared to others.

Ques. How much processing fee for Oriental Bank Car Loan?

Ans: Processing fee started at 0 -3%.

Ques. In  Oriental  Bank Car Loan can I avail EMI facility?

Ans: Yes, he /she can avail Term Loan with EMI as repayment type for the tenures of 2 years to 7 years.

Ques. Whom do I contact for more details?

Ans: Call us (enter area code) 600-11-600 or 7707861526 for more details.

Ques. How much funding can I expect in terms of the car loan?

Ans: Firstly this factor differs from bank to bank. Besides that, few banks offer the complete 100% funding.

Ques. Can I change my car loan tenure?

Ans: Yes, you can change the tenure as well as the amount of the loan. But this would imply that the interest rate and the amount of installment will change accordingly.

Ques. Can I transfer my car loan to another person?

Ans: If you have sold are or trying to sell your car to someone else, you may be able to transfer your loan to the buyer as well. However, the person to whom you want to move the loan must be approved by your lender and pass a credit check.
 
Leading Car Loan Providers (Click to Apply)