Oriental Bank of Commerce (OBC) was founded in Lahore in the year 1943. Since, partition of India and Pakistan happened in the year 1947, the bank had to shift its headquarters from Lahore to Amritsar. Currently, the bank is one of the top nationalized banks of the country. Nationalization of the bank happened in the year 1980 after which the bank was strengthened greatly.
The bank acquired Bari Doab Bank and Punjab Co-operative Bank in the year 1996. Oriental Bank of Commerce is the seventh largest bank of India, among all the public-sector banks. In the year 2004, OBC took over Global Trust Bank which brought with it 103 branches. This raised the total number of OBC branches to 1, 092, spread across the length and breadth of the nation. The bank has functions across a wide variety of financial services like private banking, corporate banking, wealth management, equity trading, NRI services and medical insurance services. The bank also deals with government related functions like pension systems and Personal Provident Fund schemes.
Oriental Bank of Commerce Personal Loans are very popular among loan borrowers. The competitive loan offers mixed with the assurance of public sector, make these Personal Loans an ideal choice for customers. These personal loans can be availed for a variety of reasons like wedding, house renovation, child’s education, a family vacation and so on.
Why choose Oriental Bank of Commerce Personal Loan?
Oriental Bank of Commerce Personal Loans are a great way to fulfill your urgent cash requirements without having to take out money from your savings. Also, with flexible payment tenures and amazing rates of interest, these personal loans are sure to make you feel at ease with expenses like a wedding in the family or a trip to an exotic location.
Attractive Rates of Interest: The rate of interest offered on Oriental Bank of Commerce Personal Loans is extremely competitive.
Flexible Personal Loan Amount: Personal loans availed can be anywhere between Rs.50, 000 and Rs.5, 00, 000, depending upon the loan eligibility of the customer.
Nominal Documentation: Oriental Bank of Commerce ensures that you get your required personal loan without any hassles of copious paperwork. Hence, a few basic documents are all that is required to help you take care of all urgent/planned personal expenses.
Easy Repayments: Repayment of Oriental Bank of Commerce personal loans can be done either through cheque or through online EMIs, both of which are extremely easy to track and pay.
Personal loans offered by Oriental Bank of Commerce are great financial tools to help a customer sail through important and urgent financial needs. These needs can be as urgent as medical expenses or planned family vacations. Oriental Bank of Commerce makes sure your financial needs are met and met soon. These Oriental Bank of Commerce personal loans come at attractive interest rates and with flexible loan tenures, making sure you do not feel weighed down by the burden of your financial expenses.
Zero Prepayment Charges: Oriental Bank of Commerce does not charge a pre-closure fee in case a customer wishes to pay off his/her personal loan earlier than the loan tenure agreed upon. This features provides a great amount of financial flexibility to the customer, since he/she can choose to pay more whenever there is surplus cash without having to worry about pre-payment charges, which if levied, are considerable enough to avoid pre-payments.
Fast Loan Processing: Oriental Bank of Commerce has a quick turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get a loan disbursed to your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with Oriental Bank of Commerce.
Flexible Tenure: The loan repayment tenure is flexible and can be repaid in a maximum of 60 months. Pre-payment charges are nil and hence loans can be paid in before the stipulated loan tenure also.
Oriental Bank of Commerce Personal Loan interest rates are quite competitive and do not fluctuate randomly. This makes these personal loans attractive to avail. A table indicating the rate of interest and other charges as applicable on personal loans from Oriental Bank of Commerce is given below.
| Loan Parameter | For Salaried Employees | For self-employed |
| Interest rate | Minimum 12.5% (Base Rate +2.5%, floating) | Minimum 13.5% (Base Rate +3.5%, floating) |
| Loan processing charges | 0.5% of the loan amount | |
| Prepayment | Yes | |
| Pre-payment charges | Nil | |
| Late Payment Fee | 2% of the outstanding loan amount |
To be eligible for Oriental Bank of Commerce personal loan, certain age and income related criteria are to be met. These are listed below and are subject to change as per bank’s norms.
| Segment | Permanent and confirmed employee of Public Sector Undertaking (PSU) and Centre / State Govt. Department and other Government institutions like Universities/Colleges etc. Permanent employee of Corporates and other reputed non-government organizations/institutions including college/schools etc. (All these employees are required to have existing OBC bank accounts to their name) |
| Age | Above 21 years of age NOTE – This is the standard age eligibility across almost all banks in India For pensioners, maximum age is 68 years |
| Job Continuity | Should have a job and should have worked with the current employer for at least 3 years |
| Maximum Loan Amount | Up to 15 times the net take home salary, maximum of Rs.5 lacs For pensioners, the maximum loan amount is Rs.2 lacs |
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