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OBC Car Loan

OBC Auto Loan- Loan for Car

Last Updated 15th Jul 2021

Features and Eligibility OBC New Car Loan Scheme OBC Used Car Loan Scheme
Rate of Interest 7.55% Floating 8.55% Floating
Loan Amount Eligibility 85% of on-road price 70% of market value
Lowest EMI per Lakh ₹ 1,536 ₹ 3,159
Apply for Car Loan @ 8.65%*

OBC Car Loan

Factors Affecting OBC Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in OBC depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However OBC offers 85% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. OBC interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. OBC has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - OBC offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low OBC Car loan interest rate.
  • Loan Tenure - OBC car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, OBC checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

OBC Car Loan Eligibility

Eligibility of car loan in OBC relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. OBC offers car loan to those who are atleast 18 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: OBC car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. OBC asks for net annual income of minimum Rs. 1.50 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from OBC. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from OBC increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your OBC car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: OBC gives you a car loan depending upon your income. OBC gives you 85% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase OBC Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, OBC also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

OBC Car Loan EMI

Car Loan EMI of OBC is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by OBC is Rs. per lakh loan amount at lowest car loan interest rate of 7.55%. Car Loan EMI of OBC depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for OBC Car Loan

Car loan OBC documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan OBC documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan OBC

  • 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 car loan after paying 1 EMI’s with Nil
  • Processing Fee - OBC asks for a processing fee of 0.25% of loan amount Min. Rs. 1,000 and Max. Rs. 1,500 with applicable service tax

OBC Car Loan Top up, Balance Transfer

  • OBC offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of OBC
  • You can avail additional top-up car loan from OBC, subject to your eligibility

FAQs

How much interest is charged by OBC on car loan?

OBC car loan interest rates today are 7.55% to 7.80%.

What is the lowest EMI per lakh on OBC car loan?

If you apply for a car loan from OBC, your lowest EMI per lakh will be Rs. 1536.3.

What is the maximum tenure of OBC car loan?

You can repay your car loan from OBC in a flexible period of 7 years.

How much car loan can I borrow from OBC?

OBC offers you 85% of on-road price of the car as loan.

How much processing fee is charged by OBC on car loan?

OBC charges a processing fee of 0.25% of loan amount Min. ₹ 1,000 and Max. ₹ 1,500 with applicable service tax.

Is age an eligibility factor to get car loan from OBC?

Yes, age is an important eligibility factor to get OBC car loan as you should be at least 18 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on OBC car loan?

You can take a car loan from OBC with Nil prepayment charges.

Can I add my spouse's income while applying for car loan from OBC ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of OBC with other banks

OBC Car Loan in India

OBC Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 0562 - 2158816
Ambala 1800-180-1235
Anand 1800-180-1235
Aurangabad Bihar 1800-180-1235
Bangalore 080 - 25808905
Bhilai 1800-180-1235
Bhilwara 1800-180-1235
Bhiwadi 1800-180-1235
Bhopal 1800-180-1235
Bhubaneswar Cuttack 1800-180-1235
Bikaner 1800-180-1235
Chandigarh 0172 - 2704386
Chennai 044 - 28498899
Cochin 1800-180-1235
Coimbatore 1800-180-1235
Dehradun 1800-180-1235
Delhi 011 - 28751536
Durg 1800-180-1235
Faridabad 1800-180-1235
Ghaziabad 1800-180-1235
Goa 1800-180-1235
Greater Noida 011 - 28751536
Gurgaon 1800-180-1235
Guwahati 1800-180-1235
Gwalior 1800-180-1235
Hyderabad 040 - 23351 - 233
Indore 1800-180-1235
Jabalpur 1800-180-1235
Jaipur 1800-180-1235
Jalandhar 1800-180-1235
Jodhpur 1800-180-1235
Kanpur 1800-180-1235
Karnal 1800-180-1235
Kolhapur 1800-180-1235
Kolkata 1800-180-1235
Kota 1800-180-1235
Kozhikode 1800-180-1235
Lucknow 0522 - 2305764
Ludhiana 1800-180-1235
Madurai 1800-180-1235
Meerut 1800-180-1235
Mehsana 1800-180-1235
Mohali Sas Nagar 1800-180-1235
Mumbai 022 - 43434646
Mussoorie 1800-180-1235
Nagpur 022 - 43434646
Nashik 022 - 43434646
Noida 011 - 28751536
Noida Extn 011 - 28751536
Panipat 1800-180-1235
Patna 1800-180-1235
Pondicherry 1800-180-1235
Pune 020 - 25676464
Raipur 1800-180-1235
Rajkot 1800-180-1235
Ranchi 1800-180-1235
Rohtak 1800-180-1235
Roorkee 1800-180-1235
Salem 044 - 28498899
Shimla 1800-180-1235
Sonipat 1800-180-1235
Surat 1800-180-1235
Trichy 1800-180-1235
Udaipur 1800-180-1235
Vadodara 1800-180-1235
Varanasi 1800-180-1235
Vijaywada 1800-180-1235
Vizag 1800-180-1235

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OBC Car 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.
  • 2019-08-29 : Oriental Bank of Commerce to provide auto and personal loans in 59 minutes
    With effect from September 1, many public sector banks, including OBC, will provide online access to auto and personal loans. This will be implemented through the online portal ‘psbloansin59minutes’. Thus, opting for a car or personal loan will be more convenient for people, as it will save time and expenses.
  • 2017-12-04 : Car Loan rates at OBC bank revised
    OBC New Car Loan interest rate starts from 8.40% and OBC Used Car Loan interest rates starts from 10.90%. 
*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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