Oriental Bank of Commerce offers loans for purchase of new car/used car or jeep or Multi Utility Vehicle excused for non commercial use (to be registered as Private Vehicle). Eligibility is Rs.10,000 monthly common salary. sum of loan is 30 months net take home salary/income subject to the condition that net take home salary after deduction of proposed loan instalment should not exist less than 40% of the coarse salary. Income of the other half can also be considered if spouse agrees to assurance the loan. In container of existing home loan borrowers, net take home salary should not exist less than 30% of coarse salary after payment of the proposed loan instalment.
Details of Oriental Car Loan. Use our calculator to compare offers from multiple banks
| Interest Rate (Daily reducing balance) | 11% fixed |
| Processing Fees | 0.50% of loan amount with minimum of Rs. 500/- |
| Loan Tenure | 1 year to 7 years |
| Loan Amount | Up to 85% for new cars with maximum as Rs 10 lakhs |
| Guarantor Requirement | Guarantor is required |
· Documents:
Proof of Identity : voter's card or driving licence or PAN card and photograph or Passport
· Proof of Residence : driving license or latest electricity or bill Ration card or passport or most recent credit card bill bank statements or most recent telephone bill
Income evidence : Returns of last or 2 years (Self employed) or most recent salary slip with Form 16(Salaried) Bank reportGet the lowest car loan interest rate in 2 minutes
