Oriental Bank Of Commerce Bike Loan
Oriental Bank Of Commerce Two Wheeler Loan:
An easy finance scheme at Oriental Bank of Commerce Two Wheeler Loan interest rate is available to all applicants who are found suitable as per Oriental Bank of Commerce Two Wheeler Loan eligibility conditions. However, vehicle to be used should only be for private registration.
Oriental Bank Of Commerce Two Wheeler Loan Eligibility Norms:
Prescribed set of Oriental Bank of Commerce Two Wheeler Loan eligibility criteria state that following may be able to avail of loan offered at Oriental Bank of Commerce Two Wheeler Loan rate:
- Salaried and permanently-employed persons of government concerns and reputed companies, including private and public.
- Non-salaried borrowers, inclusive of self-employed business persons and traders; and professionals including doctors and engineers
- Above should have a minimum salary of at least Rs.6000 per month.
Oriental Bank Of Commerce Two Wheeler Loan Interest Rate:
- Oriental Bank of Commerce Two Wheeler Loan rate is dependent on base rate as specified.
- Base rate at present is equal to 9.50% per annum.
- Effective and applicable Oriental Bank of Commerce Two Wheeler Loan rate varies as per tenure of loan:
a) Maximum of 3 years: base rate + 2.25% per annum
b) Beyond 3 years: base rate + 2.75% per annum
- ROI determination is not dependent on Oriental Bank of Commerce Two Wheeler Loan eligibility criteria.
Quantum Of Oriental Bank Of Commerce Two Wheeler Loan:
- Amount of loan that may be disbursed is equivalent to a maximum of 30 times of monthly salary (net)
- Amount of loan is calculated so that EMI on it, along with other deductions does not exceed 60% of gross total income.
- Margin on loan is at 10%
- Maximum loan quantum is calculated at 90% of cost of vehicle, along with registration, insurance charges.
- Oriental Bank of Commerce Two Wheeler Loan interest rate does not depend on quantum of loan.
Procedure To Be Followed When Applying For Oriental Bank Of Commerce Two Wheeler Loan:
- Applicants may be able to avail of loan by either logging on to official website of bank or visiting any branch they find convenient, provided they are able to meet Oriental Bank of Commerce Two Wheeler Loan eligibility conditions.
- Security is in the form of hypothecation of vehicle.
- Processing charges are levied at 0.50% on amount, subject to a minimum of Rs.500
- Above fee is apart from Oriental Bank of Commerce Two Wheeler Loan rate of interest.
Tenure Of Oriental Bank Of Commerce Two Wheeler Loan:
Loan has repayment tenure of 5 years and all borrowers should necessarily pay the desired number of installments, inclusive of interest at Oriental Bank of Commerce Two Wheeler Loan interest rate.
Repayment Of Oriental Bank Of Commerce Two Wheeler Loan:
- Loan should mandatorily be repaid in a maximum of 60 equated monthly installments, which would include interest as well, calculated at Oriental Bank of Commerce Two Wheeler Loan interest rate.
- In case of salaried category, above is subject to the condition that tenure does not stretch beyond retirement year.
Prepayment Of Loan:
- Partial prepayment may be done, to a maximum of 25% annually; no penalty would be charged in such a case.
- Pre-closure of loan account may also be done via transfer to any other bank.
- However, above attracts a penalty of 2% on amount that is left outstanding. It is levied independent of Oriental Bank of Commerce Two Wheeler Loan rate.
Default / Delay In Re-Payment Of Oriental Bank Of Commerce Two Wheeler Loan:
A penalty at 2% on amount overdue is levied, in case of a delay in payment of an installment.
Product Page URL Of Oriental Bank Of Commerce Two Wheeler Loan: you may be able to gain more details by visiting at:http://www.obcindia.co.in/obcnew/site/inner.aspx?status=2&menu_id=39
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
Malviya Nagar
|
C-34,
Malviya Nagar,
New Delhi
|
011 2668 0138
|
Mumbai
|
Cuffe Parade
|
Maker Towers, F-Block, 14th Floor,
Cuffe Parade,
Mumbai
|
022 2216 0397
|
Kolkata
|
Salt Lake
|
Ca-51 Salt Lake (Sector-I) Bidhannagar,
Kolkata
|
033 2337 2132
|
Chennai
|
High Road Kilpauk
|
No. 824,
Oppste. KMC,
Poonamallee High Road Kilpauk,
Chennai
|
044 2642 7097
|
