Oriental Bank Car Loan

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Oriental Bank Car Loan Key Features

Oriental Bank Car Loan Interest Rate7.35%* per annum
Min Loan Amount₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure1 year to 7 years
Lowest EMI / Lac₹ 1,634
Minimum Net Monthly Income₹ 15,000
Minimum ITR for Self Employed₹ 300,000
Age CriteriaSalaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of CarsFor All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing FeeUp to 1% Only
Foreclosure ChargesNil
Basic DocumentationID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Oriental Bank Car Loan

Oriental Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Oriental Bank Car Loan Eligibility

Salaried IndividualAge – 21-60 years of age Net Monthly Income – should be minimum ₹ 15000 Employment Duration – Minimum 1 year Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed IndividualsAge – 21-65 years of age Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models) Employment Duration – Minimum 3 years Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models) Employment Duration – Minimum 3 years The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority CustomersApplicant should have a vintage of at least 6 months Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Oriental Bank Car Loan Interest Rate, Fees and Charges

ChargesNew Car LoanUsed Car Loan
Interest Rate7.35% p.a. to 11.30% p.a.14.80% p.a. to 16.80% p.a.
Processing feeUp to 1% Only1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule ChargesRs.500 per instanceRs.500 per instance
Foreclosure Charges5% of the principal outstanding5% of the principal outstanding
Penal Interest2% per month2% per month
Part Payment charges5% of the paid amount5% of the paid amount
Cheque/Instrument Swap ChargeRs.500 per instanceRs.500 per instance
Documentation ChargeRs.500 per instanceRs.500 per instance
Issuance of Duplicate No Dues Certificate ChargesRs.500 per instanceRs.500 per instance
Registration Certification Collection ChargeRs.200 per instanceRs.200 per instance
Cheque Bounce/Instrument Return ChargesRs.500 per instanceRs.500 per instance
Issuance of Duplicate Statement ChargesRs.500 per instanceRs.500 per instance
Loan Cancellation/Re-booking ChargesRs.2,500 per instanceRs.2,500 per instance
Issuance of Credit ReportRs.50 per instanceRs.50 per instance

Oriental Bank Car Loan Documents Required

Salaried Individual

CategoryDocuments Required
Identity Proof   (Any 1)Driving Licence, Aadhar Card, Passport, PAN, Voter ID
Address Proof   (Any 1)Driving Licence, passport, Aadhar Card, PAN, Voter ID
Date of Birth Proof   (Any 1)Birth Certificate, Passport, Driving license, PAN
Signature Proof   (Any 1)Passport, Bankers verification
Income ProofLatest Form 16 and Salary Slips
Bank StatementBank statement of last 3 months
Employment Continuity ProofWork Experience Certificate, ITR of form 16, Salary slip with joining dateport, driving license, appointment letter, letter of reliveing

Self-Employed Individuals

CategoryDocuments Required
Identity Proof (Any 1)Driving Licence, Aadhar card, Passport, PAN, Voter ID
Address Proof (Any 1)Driving Licence, Aadhar Card, Passport, PAN, Voter ID
Date of Birth Proof (Any 1)Birth Certificate, Passport, Driving license, PAN
Signature Proof (Any 1)Passport, Bankers verification, PAN
Income ProofLatest Form 16 and Salary Slips
Bank StatementBank statement of last 3 months
Employment Continuity ProofShop & Establishment Act Certificate, Current Account Statement, SSI or MSME Registration certificate, Sales Tax or VAT certificate
Business ProofCurrent Account Statement, Telephone bill, Electricity bill , Shop & Establishment Act Certificate, SSI or MSME Registration certificate, Sales Tax or VAT Certificate, Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

CategoryDocuments Required
Identity Proof (Any 1)Driving Licence, Aadhar Card, Passport, PAN, Voter ID
Address Proof (Any 1)Driving Licence, Aadhar card, Passport, PAN, Voter ID
Income ProofAudited Balance Sheet, P&L Account and ITR for the previous 2 years
Bank StatementBank statement of last 3 months
Business Continuity ProofShop & Establishment Act Certificate, Current Account Statement, SSI or MSME Registration Certificate, Sales Tax or VAT Certificate
Additional documentsAuthority Letter/PAN cards
,

2. Private Limited/Limited Companies

CategoryDocuments Required
Identity ProofCopy of Latest MOA, Copy of Incorporation, Copy of Latest AOA
Address Proof (Any 1)Current Account Statement, Telephone Bill, Electricity Bill, Shop & Establishment Act Certificate, SSI or MSME Registration Certificate, Sales Tax or VAT Certificate, Registered Lease Document with other utility bills
Income ProofAudited Balance Sheet, P&L Account and ITR for the previous 2 years
Bank StatementBank statement of last 3 months
Business Continuity ProofShop & Establishment Act Certificate, Current Account Statement, SSI or MSME Registration Certificate, Sales Tax or VAT Certificate
Additional documentsList of Directors and Shareholding Partners, PAN Card, Board Resolution, Certificate of Commencement of Business for Ltd. Co.

Oriental Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Oriental Bank Car Loan Types

Oriental Bank provides various types of car loans to its customers. You have the freedom of choosing the offer which suits your needs the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take Bank of India Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

Oriental Bank Car Loan Pre Calculated EMI

How to Apply for Oriental Bank Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy best offers.

Oriental Bank Car Loan for Top Selling Cars

FAQs for Oriental Bank Car Loan

✅ What is Oriental Bank Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a Car Loan from Oriental Bank?

There are two main ways in which one can avail a car loan from Oriental Bank. One is through online application and the other is through the in-branch application. The existing customers could also be eligible for pre-approved car loans based on terms and conditions.

✅ How does the Oriental Bank Car loan work?

Oriental Bank gives car loans at extremely attractive interest rates based on your eligibility and the amount you borrow as loan and the loan period that you choose. Any salaried or self-employed borrower between the ages of 21-58 years with a decent credit score, a constant occupation, and a firm income is qualified to apply for a Yes Bank car loan.

✅ How to Check Car Loan status in Oriental Bank?

You can check your car loan status in Oriental Bank by visiting the nearest branch or by checking the bank’s website.

✅What is the maximum loan amount that I can avail of on a car loan from Oriental Bank?

N/A

✅ What is the loan tenure of Oriental Bank Car loan?

The loan tenure of Oriental Bank ranges from 1 year to 7 years.

✅ Can I get a 100% Car loan from Oriental Bank ? 

100% loan amount will be provided on the on-road price of the vehicle for selected models. It offers the most competitive interest rates in the industry. There will be multiple repayment options available.

✅ Can you prepay your Oriental Bank Car Loan?

You can prepay/foreclose your Oriental Bank Car Loan at a charge of 5% of the outstanding principal amount.

✅ Does Oriental Bank Car Loan charge any Processing Fees?

Oriental Bank charges a processing fee Up to 1% Only

✅ Can I get a Oriental Bank Car Loan if I have a low Credit score? 

Oriental Bank Car Loan requires you to have a good credit score of 700 or above. However, in some cases, the loan application may be approved in case credit score is below 700.

✅ What can you keep as Security with Oriental Bank to get a Car Loan?

You do not need any other security other than the car itself to get Bank of India Car Loan.

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