i) Loan Scheme for Govt. Or PSU Employees
| Interest Rate | Loan Amount | Processing Fees |
| 11.50% p.a. | Up to Rs.10 lakh | 0.50% of the loan amount plus applicable tax |
ii) Loan Scheme for Corporate Employees
| Interest Rate | Loan Amount | Processing Fees |
| 12.50% p.a. | Up to Rs.5 lakh | 1% of the loan amount plus applicable tax |
iii) Loan Scheme for Pensioners
| Interest Rate | Loan Amount | Processing Fees |
| 11% p.a. | Up to Rs.10 lakh | 1% of the loan amount plus applicable tax |
Fees and Charges
| Type of fees and charges | Applicable charges |
| Penal Interest Rate | 2% in addition to the normal lending rate of interest on the amount which is overdue |
| Pre-payment charges | Nil |
The requirement of documents varies from bank to bank. However, there are certain documents which are required to be submitted by every individual who applies for a personal loan. Some of these documents are listed below:
| Proof of identity | PAN card, Aadhaar card, Voter’s ID card, etc. |
| Proof of address | Aadhaar card, current telephone bill, current electricity bill, rental agreement, etc. |
| Proof of age | PAN card, passport, Aadhaar card, etc. |
Also,
• Duly filled up and signed application form
• Bank account statement
• Recent passport-sized photograph of the applicant
These are some of the mandatory documents which are required at the time of applying for a personal loan. However, as mentioned earlier, the requirement of documents differs from bank to bank and you would be required to provide other documents if your lender asks for them.
| Employment Status | The applicant should be a permanent and confirmed employee |
| Relationship with the bank | Applicant should have his or her salary account with the bank |
| Minimum Net Salary | A) He/She should have a monthly salary of at least Rs.10,000 if salary account is maintained with the bank B) The applicants who do not have their salary account with the bank will be required to have a gross monthly salary of at least Rs.50,000 |
| Debt-to-income ratio | After the deduction of the instalment amount for the proposed personal loan, the salary of the applicant (net take home) should be at least 30% of his or her gross salary. |
| Employment Status | The applicant should be a permanent employee |
| Employment Tenure | He/She should have been working for at least 3 years (including present and previous employment) |
| Relationship with the bank | Should have his/her salary account with the bank |
| Minimum Net Salary | A) Monthly salary of at least Rs.10,000 if his or her salary account is maintained with the bank B) The applicants who do not have their salary account with the bank will be required to have a gross monthly salary of at least Rs.50,000 |
| Debt-to-income ratio | After the deduction of the instalment amount for the proposed personal loan, the salary of the applicant (net take home) should be at least 30% of his or her gross salary. |
| Age of the applicant | A) If the applicant is an individual pensioner, his or her age should not be more than 75 years. B) If the applicant is a family pensioner, his or her age should not be more than 70 years. |
| Net take home pension amount | At least 50% of their gross pension |
To understand the working of a personal loan from Oriental Bank of Commerce, let us take an example. Mr. Ross is a government employee who is a resident of Kolkata. He draws a monthly salary of Rs.25,000. His salary account is maintained with Oriental Bank of Commerce. He takes a personal loan of Rs.1 lakh from Oriental Bank of Commerce. As he is a government employee, the rate of interest on the loan amount for Mr. Ross is 11.50% p.a. The processing fee is 0.50% of the loan amount. He opted for a loan repayment tenure of 12 months. On the basis of the factors mentioned above, the loan repayment schedule of Mr. Ross will look like this:
| Month | Principal Paid (A) (in Rs.) | Interest Paid (B) (in Rs.) | Total Amount Paid (A+B) (in Rs.) | Outstanding Loan Amount (in Rs.) |
| 1 | 7,903 | 958 | 8,861 | 92,097 |
| 2 | 7,979 | 883 | 8,862 | 84,118 |
| 3 | 8,055 | 806 | 8,861 | 76,063 |
| 4 | 8,133 | 729 | 8,862 | 67,930 |
| 5 | 8,211 | 651 | 8,862 | 59,719 |
| 6 | 8,289 | 572 | 8,861 | 51,430 |
| 7 | 8,369 | 493 | 8,862 | 43,062 |
| 8 | 8,449 | 413 | 8,862 | 34,613 |
| 9 | 8,530 | 332 | 8,862 | 26,083 |
| 10 | 8,612 | 250 | 8,862 | 17,471 |
| 11 | 8,694 | 167 | 8,861 | 8,777 |
| 12 | 8,777 | 84 | 8,861 | 0 |
On the basis of the details provided in this example, Mr. Ross will be paying a total amount of Rs.1,06,838*. The total interest to be paid by him is Rs.6,338 and the processing fee for the loan is Rs.500. His monthly EMI is Rs.8,861 or Rs.8,862 (on an alternate basis).
If you are planning to take a personal loan and are wondering how your loan repayment schedule would look, use the Bankzila Personal Loan EMI Calculator to find that out.
*The figures quoted here are for the purpose of understanding only. The applicable taxes (if any) have not been taken into consideration.
| Particulars | Oriental Bank of Commerce Personal Loan | United Bank of India Personal Loan | SBI Personal Loan | HSBC Bank Personal Loan |
| Interest rate | 11.00% p.a. to 12.50% p.a. | 13.9% p.a. onwards | 12.00% p.a. onwards | 10.99% p.a. to 17.84% p.a. |
| Processing fee | 0.50% or 1.00% of the loan amount | 1.18% of the loan amount | 1% of the loan amount + applicable GST | Up to 1% of the loan amount |
| Foreclosure charges | As per the terms and conditions of the bank | As mentioned in the loan document | 3% of the outstanding loan amount | Up to 3.75% of the outstanding principal amount |
1. Why do I need to provide documents for KYC?
A: KYC stands for ‘Know Your Customer’. It is a compulsory process through which banks gather information about their customers. These include the identity and the address of the customers. This process has been mandated so that the services provided by the bank are not misused by the customers.
2. Can I apply for a personal loan from Oriental Bank of Commerce online?
A: Yes, you can apply for a personal loan from Oriental Bank of Commerce through the bank website. On the home page of the website click on the ‘Apply Online’ option on the main menu bar. Under this option click on the ‘Other Retail Loan’ option from the drop-down menu. After this, you will be required to enter your mobile no. for registration. You will be able to get the access to the application form after the registration process is done.
3. Can I check the status of my Oriental Bank of Commerce Personal Loan online?
A: Yes, you can track your personal loan status on the bank website itself. To check the status of your application form you will be required to follow the steps mentioned below:
• Visit the official website of Oriental Bank of Commerce at www.obcindia.co.in.
• On the home page, click on the ‘Other Retail Loan’ option under the ‘Apply Online’ drop down option from the main menu.
• On the next page, click on the ‘Application Form Status’ option.
4. Can I use my reference number to check my application form status?
A: Yes, you can check the application form status using your reference number. Follow the steps mentioned below to check the status:
• Visit the official website of Oriental Bank of Commerce at www.obcindia.co.in.
• On the home page, click on the ‘Other Retail Loan’ option under the ‘Apply Online’ drop down option from the main menu.
• On the next page, click on the ‘Application Form Status’ option.
• Check the box next to the ‘Reference No.’ option.
• Fill in the details under the ‘Enter your Loan reference no.’ or ‘Lead Number’ field.
• Enter the ‘Captcha Code’ and click on the ‘Submit’ button.
5. Can I use my mobile phone number to check my application form status?
A: Yes, you can use your mobile number to check the status of your application form. You will be required to follow the steps mentioned below:
• Visit the official website of Oriental Bank of Commerce at www.obcindia.co.in.
• On the home page, click on the ‘Apply Online’ option from the main menu.
• Under the ‘Apply Online’ option, click on ‘Other Retail Loan’.
• In the next page, click on ‘Application Form Status’.
• Check the box next to the ‘Mobile No.’ option.
• Enter your mobile number in the field provided and click on the ‘Send OTP’ button.
• You will receive a One Time Password or OTP on your phone number.
• Enter the OTP in the field provided under ‘Enter OTP’ and click on the ‘Submit’ button.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply Bankzila’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Take charge of your finances with BankZila – the ultimate digital banking platform for easy and secure saving, managing, spending, and borrowing.
All Rights Reserved – © 2023. To Bankzila.