Oriental Bank of Commerce Business Loan Key Features
|Oriental Bank of Commerce Interest Rate||10.95% onwards|
|Tenure||From 12 months to 84 months|
|Lowest EMI per lakh||₹ 1,800|
|Loan Amount||Min ₹ 1 Lakh and Max ₹ 15 Lakh|
|Part Prepayment, Charges||Nil Prepayment Charges|
|Early Foreclosure, Charges||Nil Prepayment Charges|
|Oriental Bank of Commerce Processing Charges||0.50% of Loan Amount + Service Tax|
|Prepayment Charges||07-24 Months – 4% of Principal Outstanding Amount
25-36 Months – 3% of Principal Outstanding Amount
More than 36 Months – 2% of Principal Outstanding Amount
|Repayment Period||12 – 48 months|
|Prepayment Condition||No pre-payment permitted until repayment of 6 EMIs|
Interest Rate, Fees, and Charges (Self Employed Non-Professional)
|Interest Rate Charges||10.95%|
|Loan Processing Charges||0.50% of Loan Amount + Service Tax|
|Prepayment||No pre-payment permitted until repayment of 6 EMIs|
|No Due Certificate / No Objection Certificate (NOC)||150 + GST|
|Duplicate no due certificate / NOC||NIL|
|Solvency Certificate||Not applicable|
|Charges for late payment of EMI||@ 24% p.a.|
|Charges for changing from fixed to floating rate of interest||Not applicable|
|Charges for changing from floating to a fixed rate of interest||Not applicable|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Credit assessment charges||Not applicable|
|Nonstandard repayment charges||Not applicable|
|Cheque swapping charges||₹ 500/-|
|Amortization Schedule charges||₹ 200/-|
|Loan cancellation charges||NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)|
|Cheque Bounce Charges||₹ 550/- per cheque bounce|
|Legal / incidental charges||At actual|
|CIBIL Report Copy Charges||₹ 50 Per Copy|
Interest Rate, Fees, and Charges (Self Employed Professional)
TABLE WILL APPEAR
Advantages of Oriental Bank of Commerce Business Loan
Oriental Bank of Commerce presents its clients with customized products, so that matches the necessities of their particular client sections. Oriental Bank of Commerce also offers:
- No interruption from the bank with how the candidate company is working.
- Endless free ATM transactions at Tamilnad Mercantile Bank and different bank VISA ATMs in India.
- No costs on NEFT/RTGS transactions and demand drafts.
- Accessible and straightforward to obtain funds once the loan gets accepted.
- Payment account – a separate current account for seamless payment management.
- Staff supported the digital account availability with Instant Welcome Packs (IWP).
- Inexpensive interest rates to candidates with a strong relationship with the respective bank.
- Special rates on Personal and Home Loans.
Oriental Bank of Commerce Business Loan Eligibility Criteria
|Age||21 to 65 years|
|Minimum Turnover||₹ 0|
|Business Existence (in months)||0 months|
|ITR (months)||6 months|
|Loan Amount||Min ₹ 1 Lakh and Max ₹ 15 Lakh|
|Loan Tenure||From 12 months to 84 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
Oriental Bank of Commerce Business Loan Documents Required
- Valid Proof for Identity: Passport / Ration card / Electricity Bill / Voter’s ID card / Passport / Driving’s License/ PAN Card and MAPIN card/ Lease agreement / Sales Tax certificate/Trade licence
- Residence Proof: Lease agreement / Passport / Trade license / Electricity Bill / Sales Tax Certificate
- Age Proof: Passport / PAN card / Voter’s identity card
- Economic Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years checked by a C.A.
- Copy of Bank Statement
- Latest ITR and statement of computation of Income for the last 2 yrs.
- Proof of continuation of the business.
- Other Compulsory Documents that are Sole Proprietorship Declaration Certified copy of Memorandum & Articles of Association certified by a director.
- Original Board resolution
- Financials audited/ certified by a CA.
* (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower
Self Employed (Private Ltd. Co. and Partnership Firms)
- Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
- Proof of identity: To be presented with two commissioned signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s ID card, Passport, and Driving’s license
- Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years checked by a C.A
Self Employed Individuals – Professionals
- Identification Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
- Identification proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
- Residence Proof for the Sole Proprietor: Driving license, Voter’s ID card, Ration card, Passport
- Economic Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last 2 years checked by a C.A
Self Employed Individuals – Non Professionals:
- Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
- Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
- Copy of bank statement of main banker/copy of bank statement for the term loan for last months
- Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.
EMI Calculator for Oriental Bank of Commerce Business Loan
The following is the EMI calculated table for Oriental Bank of Commerce Business loan:
|Loan Amount||10 Year Loan||15 Year Loan||25 Year Loan|
|₹ 20 Lakh||₹ 24,958||₹ 19,871||₹ 16,307|
|₹ 30 Lakh||₹ 37,437||₹ 29,807||₹ 24,461|
|₹ 50 Lakh||₹ 62,395||₹ 49,678||₹ 40,768|
Calculate EMIs with the guidance of Dialabank’s fast and accurate EMI Calculator!
Compare Oriental Bank of Commerce Business Loan With Other Banks
Oriental Bank of Commerce
|Interest Rate||15.65% – 21.35%||10.95%|
|Processing Fees||Starting from 0.99%, Max 2.50%||0.50% of Loan Amount + Service Tax|
|Loan Amount||₹ 50,000 to ₹ 50 Lakh||Min ₹ 1 Lakh and Max ₹ 15 Lakh|
|Loan Tenure||12 to 48 Months||From 12 months to 84 months|
|Lowest EMI Per Lakh||₹ 2,816 per lakh||₹ 1,800 per lakh|
|Part Payment Charges||Not Allowed||Not Allowed|
|Foreclosure Charges||Allowed after 12 months at 2 – 4%||Allowed after 1 EMI’s|
|Borrower’s Age||21 to 65 Years||25 to 65 Years|
|Minimum Years in Business Required||36 Months||0 Months|
|Minimum Turnover Required||₹ 1 Cr||₹ 0|
More Banks to compare with Oriental Bank of Commerce Business Loan:
|Barclays Bank||Canara Bank||ICICI Bank||ING Vysya Bank|
|HSBC||Citibank||Kotak Mahindra Bank|
Video: How to apply for Oriental Bank of Commerce Business Loan
VIDEO WILL APPEAR!
Purpose of Business Loans from Oriental Bank of Commerce
Applying for a Business Loan from Oriental Bank of Commerce can incorporate and help with:
- Managing a healthy cash flow to make payments to the suppliers on time.
- Immediate availability of liquidity to support the usual requirements of the business.
- The loan amount can be used to satisfy up all the costs related to business development.
- Covers cost of purchasing new or upgrading appliances or equipment.
- Covers cost of buying new inventories.
EMIs of Several Banks and NBFCs for Different Tenures
The following table shows the estimated values of EMI’s given by banks and NBFC’s other than Oriental Bank of Commerce
|Total Loan Amount||Loan Tenure|
|Loan Amount (Rs.)||10 years||15 years||25 years|
|2,500,000||₹ 31,197||₹ 24,839||20,384|
|5,000,000||₹ 62,395||₹ 49,678||40,768|
|7,500,000||₹ 93,592||₹ 74,516||61,152|
|10,000,000||₹ 1.25 Lakh||₹ 99,355||81,536|
Other Loan Products from Oriental Bank of Commerce
|Personal Loan||Gold Loan|
|Car Loan||Education Loan|
Why should you apply for the Oriental Bank of Commerce Business Loan at Dialabank?
DialaBank is India’s first online banking helpline assistance. It serves as a bridge connecting you and your preferred bank selection by reducing the complicated paperwork and application method. Sorting out the most suitable offer as per your demands is Dialabank’s main master card as it has strongly delivered all the guaranteed terms to all its clients without any fails.
Its own clients have recognised Dialabank, and other approved bodies and that is why it is placed on the top of its opponent’s leaderboard.
How to calculate EMI for Oriental Bank of Commerce Business Loan?
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT||TOTAL INTEREST AMOUNT||TOTAL AMOUNT|
|₹ 3,00,000||10.95%||1||₹ 26,555||₹ 18,661||₹ 3,18,661|
|₹ 3,00,000||10.95%||2||₹ 14,023||₹ 36,547||₹ 3,36,547|
|₹ 3,00,000||10.95%||3||₹ 9863||₹ 55,063||₹ 3,55,063|
|₹ 3,00,000||10.95%||4||₹ 7796||₹ 74,207||₹ 3,74,207|
|₹ 3,00,000||10.95%||5||₹ 6566||₹ 93,972||₹ 3,93,972|
You can also calculate the definite loan amount EMIs on Dialabank’s EMI Calculator.
Benefits of Oriental Bank of Commerce Business Loan
Oriental Bank of Commerce offers Business loans to self-employed and people in business for funding the development of working capital necessities of their business. There are many advantages of availing loan from the Oriental Bank of Commerce:
- Dropline Overdraft to save interest.
- High loan amount up to Rs. 15 Lakh.
- No security or guarantor is required.
- The balance transfer choice is accessible.
- Manageable tenure and simple method.
- Quick Permissions and disbursals.
- Inexpensive and flexible interest rates.
- Easy and least paperwork required.
Oriental Bank of Commerce Business Loan Processing Time
For loan applications for Commercial Banking clients, the Bank will take 30 working days to agree with the decision, once the client properly submits all the data which is needed by the Bank.
Oriental Bank of Commerce Business Loan Preclosure
Oriental Bank of Commerce’s Business Loan Preclosure costs varies between 2% to 2.5% of the disbursed limit.
Pre Calculated EMI Table for Oriental Bank of Commerce Business Loan
The Loan EMI in Oriental Bank of Commerce depends upon the profession (businessmen, self-employed, salaried), loan value, loan tenure, and interest rate.
|Loan Amount||5 Year Loan||7 Year Loan||15 Year Loan|
|₹ 20 Lakh||₹ 42,298||₹ 32,996||₹ 21,248|
|₹ 30 Lakh||₹ 63,446||₹ 49,494||₹ 31,872|
|₹ 50 Lakh||₹ 1,05,744||₹ 82,490||₹ 53,120|
How to Apply for Oriental Bank of Commerce Business Loan Online?
- Visit Dialabank.
- Go to the loan segment and click on the Business Loan link.
- Check the eligibility criteria for the Business loan given by Oriental Bank of Commerce and fill a user-friendly online application form for Business Loan.
- One of our relationship administrators will shortly get in touch with you for the additional process.
- For more data and free supervision, you may call on +919878981166.
Oriental Bank of Commerce Business Loan Status
You can find the loan status by Calling at +919878981166 or by visiting the Main Oriental Bank of Commerce Site.
Dialabank Bank of Commerce Business Loan Customer Care Number
To find the answer to your queries concerning a business loan, you can call at +919878981166
Dialabank helps you to find the best selection of Banks and NBFCs by providing you with a detailed market identification of various banks so that you can make the right choice for yourself.
Oriental Bank of Commerce Business Loan FAQs
✅ Is a guarantor required for the Oriental Bank of Commerce Business Loan?
No form of security is needed while applying for Oriental Bank of Commerce’s Business Loan.
✅ How do I repay my business loan?
It should be refunded through EMIs via paying instructions and post-dated cheques.
✅ What are the minimum and maximum range of tenure of business loans in the Oriental Bank of Commerce?
These loans are more precise tenure loans. You can refund your loan in a manageable period of a least of 12 months to a maximum of 84 months.
✅ How much business loan amount I can borrow from the Oriental Bank of Commerce?
Oriental Bank of Commerce gives you a loan if you need a minimum amount of ₹ 1 Lakh to a maximum value of ₹ 15 Lakh.
Table of Contents
- 1 Oriental Bank of Commerce Business Loan Key Features
- 3 Interest Rate, Fees, and Charges (Self Employed Non-Professional)
- 5 Interest Rate, Fees, and Charges (Self Employed Professional)
- 6 Advantages of Oriental Bank of Commerce Business Loan
- 7 Oriental Bank of Commerce Business Loan Eligibility Criteria
- 8 Oriental Bank of Commerce Business Loan Documents Required
- 9 EMI Calculator for Oriental Bank of Commerce Business Loan
- 10 Compare Oriental Bank of Commerce Business Loan With Other Banks
- 11 Video: How to apply for Oriental Bank of Commerce Business Loan
- 12 Purpose of Business Loans from Oriental Bank of Commerce
- 13 EMIs of Several Banks and NBFCs for Different Tenures
- 14 Other Loan Products from Oriental Bank of Commerce
- 15 Why should you apply for the Oriental Bank of Commerce Business Loan at Dialabank?
- 16 How to calculate EMI for Oriental Bank of Commerce Business Loan?
- 17 Benefits of Oriental Bank of Commerce Business Loan
- 18 Oriental Bank of Commerce Business Loan Processing Time
- 19 Oriental Bank of Commerce Business Loan Preclosure
- 20 Pre Calculated EMI Table for Oriental Bank of Commerce Business Loan
- 21 How to Apply for Oriental Bank of Commerce Business Loan Online?
- 22 Oriental Bank of Commerce Business Loan Status
- 23 Dialabank Bank of Commerce Business Loan Customer Care Number
- 24 Oriental Bank of Commerce Business Loan FAQs