OBC Car Loan Calculator

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  • Eligibility, Schemes, Interest Rates Oct 2016, EMI - New Car, Used Car

Features and Eligibility OBC New Car Loan Scheme OBC Used Car Loan Scheme
Interest Rates 9.95% Floating 12.55% Floating
Maximum Loan Amount Eligibility 85.00% of on-road price 70.00% of market value
Maximum Loan Tenure (years) 7 years 3 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1658 Rs. 3224
Processing Fee 0.50% Min Rs. 500 Max Rs. 0 0.50% Min Rs. 500 Max Rs. 0
Prepayment Charges Nil Nil
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 18 years and 65 years Between 21 years and 65 years
Minimum Net Annual Income (Rs. lakh)
--Salaried 1.5 1.5
--Self employed professionals 1.5 1.5
--Self employed businessmen 1.5 1.5
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

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