Oriental Bank of Commerce

VEHICLE/CAR LOAN SCHEME
Vehicle/Car loan facility, one of the largely accepted Retail Banking products of the Bank, is extended to individuals, firms, companies etc, in the form of Term Loan for purchase of new scooter / motor cycle / car / jeep etc. (Not a commercial vehicle) against the security of charge over vehicle created out of the loan amount. Other terms and conditions are applied.
This facility is also extendable to self-employed person such as Medical Practitioners, Lawyers, Chartered Accountants etc., subjects to fulfilment of certain conditions.
ELIGIBILITY: All individuals / business concerns with gross salary / income not less than Rs 4500.00 per month (income of the spouse can be included). The credit facilities already enjoyed by the borrower is also considered for arriving at the quantum of loan of the basis. The employee / borrower must maintain the take home salary / income not less than 25 per cent of the gross salary / income during the currency of the loan.
AMOUNT OF LOAN: The permissible loan amount is equivalent to 20 months gross salary / income with a maximum ceiling of Rs 5.00 lakh. The borrower has to provide collateral security if loan amount exceeds Rs 3.00 lakh. Margin, to be provided by the borrower, is 15 per cent and the loan amount is repayable in 36 to 60 monthly instalments. For Rate of Interest applicable for this product, please see Chart for Interest Rates on Advances. (Subject to change)

Interest
15.00 per cent