Oriental Bank of Commerce offers loans for purchase of new car/jeep etc.for non commercial use (to be registered as Private vehicle). Eligibility is Rs.10,000 monthly gross salary. Amount 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 be less than 40% of the gross salary. Income of the spouse can also be considered if spouse agrees to guarantee the loan. In case of existing home loan borrowers, net take home salary should not be less than 30% of gross 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 | Upto 85% for new cars with maximum as Rs 10 lakhs |
| Guarantor Requirement | Guarantor is required |
| Documents |
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Total Interest PayableRs. 135,220
Total Tax + FeesRs. 19,875
Total Interest + FeesRs. 155,095
Total Interest PayableRs. 94,655
Total Tax + FeesRs. 10,600
Total Interest + FeesRs. 105,255
Total Interest PayableRs. 132,616
Total Tax + FeesRs. 10,375
Total Interest + FeesRs. 142,991