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OBC Business Loan Jul 2021

OBC Business Loan Interest Rates India

Last Updated 15th Jul 2021

OBC offers Business Loan starting at interest rate of 11.95%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 11.95%
Processing Fee 0.50% of Loan Amount
Tenure From 12 months to 84 months
Lowest EMI per lakh ₹ 1,763
Loan Amount Min ₹ 1 Lakh and Max ₹ 2 Cr
Part Payment Facility Nil Prepayment Charges
Foreclosure Facility Nil Prepayment Charges

OBC has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on OBC Business Loan.

Apply for Business Loan @ 14.00%*

OBC Business Loan Details

OBC offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan OBC.

Key Features of OBC Business Loans
  • Purpose of Loan: You can avail OBC business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 25 and 65 years can avail OBC business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 84 years.
  • OBC business loan interest rates are in the range of 11.95% to 0.00 %.
  • OBC Bank business loan EMI per lakh starts from ₹ 1,763.
  • Processing Fee: 0.50% of Loan Amount
  • Special schemes: Some of the special business loan offers of OBC are:

Factors affecting OBC Business Loan Rates

There are multiple factors on which OBC calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in OBC depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 2 Cr. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

OBC offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from OBC, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

OBC will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

OBC offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from OBC is 0 months.

Lowest OBC Business Loan Interest Rates

With effect from 23 Jun, 2021, OBC offers business loans starting at 11.95%. The lowest business loan rates offered by OBC have been dropped by 0.7%, from the earlier rate of 12.65%.

OBC Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
23 Jun, 2021 11.95%
31 Mar, 2021 12.65%
25 Mar, 2021 12.65%
07 Jan, 2021 12.65%
10 Aug, 2020 12.65%
05 Aug, 2020 12.65%

OBC Business Loan Eligibility Criteria

To avail OBC business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : OBC offers business loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, OBC gives you loan amount ranging from ₹ 1 Lakh to ₹ 2 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : OBC requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : OBC requires a minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : OBC gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 24 months & 6 months respectively.
  • CIBIL Score : OBC will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

OBC Business Loan Products

OBC offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Working Capital Finance
  • You can get up to 50% of the realizable value of the property or 20% of the estimated annual sales/income as working capital finance.
Loan for Business Expansion
  • OBC Bank offers overdraft facility and term loans for business expansion.
Laghu Udhami Credit Card Oriented business Card Scheme
  • Get maximum loan up to ₹ 10 lakhs
  • Oriental Business Card is valid for 3 years
  • Flexible repayment tenure of 5 years

OBC Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. OBC allows prepayment of loan after paying 0 EMI’s with prepayment charges - Nil Prepayment Charges
  • Processing Fee : OBC asks for a processing fee of 0.50% of Loan Amount with applicable service tax

Documents Required for OBC Business Loan

To apply for OBC business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

OBC Business Loan Eligibility Calculator

You can calculate your eligibility for OBC business loan using an online OBC business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply OBC Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare OBC business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  OBC.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from OBC?

OBC is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 11.95%. The bank also charges a low processing fee starting from 0.50% of Loan Amount. Along with that, the bank also offers special business loan schemes such as Working Capital Finance , Loan for Business Expansion & Laghu Udhami Credit Card Oriented business Card Scheme etc.

Has OBC reduced the business loan interest rate?

OBChas reduced the lowest interest on business loan as effective from 23 Jun, 2021. Presently, OBC offers the business loan starting at 11.95%, which is a decrease of 0.7% from the previous rates of 11.95%. Earlier, OBC changed its gold loan rate on 31 03, 2021.

What is the interest charged on OBC business loan?

OBC offers business loans at attractive rates ranging from 11.95% to 0.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from OBC?

If you apply for loan from OBC, your lowest EMI per lakh will be ₹ 1,763.You can calculate your EMI on business loan for different tenures at min business rate starting at 11.95% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in OBC?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 84 months.

How much business loan amount I can borrow from OBC?

OBC offers you business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 2 Cr. Loan amount eligibility in OBC further depends upon your income, and repayment capability.

What is the processing fee charged by OBC on business loan?

OBC charges a processing fee 0.50% of Loan Amount with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from OBC?

Yes, age is an important eligibility factor to get a business loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from OBC?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by OBC is Nil Prepayment Charges.

What are the business products offered by OBC?

OBC offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Working Capital Finance
  • Loan for Business Expansion
  • Laghu Udhami Credit Card Oriented business Card Scheme

What is the time period of repayment of business loans in OBC?

OBC provides business loans for a maximum tenure of 84 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

OBC Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 0562 - 2158816
Ambala 1800-180-1235
Anand 1800-180-1235
Aurangabad Bihar 1800-180-1235
Bangalore 080 - 25808905

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OBC Business Loan News - Jul 2021
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2020-01-24 : OBC net profit surged by 39.11%
    Oriental Bank Of Commerce profit increased by 393.11% to Rs 201.66 crores. The total income boosted by Home Loan and Business Loan increased to Rs 5642 crores which was Rs 5127 crores earlier. Further, gross NPA fell to 12.64% from 15.82% in the corresponding period of last year.
  • 2019-05-28 : Srei Equipment joins hand with OBC to offer loans for equipment purchase
    Srei Equipment Finance Limited has joined hands with Oriental Bank of Commerce (OBC) to offer loans for the purchase of equipment under a co-lending arrangement. Under this arrangement, both of the entities would collaborate and widen their respective market share and customer base by sharing each other’s expertise in the relevant field.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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