Oriental Bank Car Loan
Oriental Bank car loans have special interest rate for women and low interest rates for others as well. With zero processing fees, zero pre-closure charges, and repayment tenures as long as 7 years, Oriental Bank car loans are ideal to buy your dream car.
Get to know all about the eligibility and documentation requirements right here on BankBazaar.
Oriental Bank of Commerce is an India-based bank established in Lahore is one of the public sector banks in India. The bank offers features such as internet banking, phone banking NRI banking etc.
The bank has launched yet another people's participation in the planning process at grass root level essentially to tackle the maladies of poverty. The Grameen Projects venture aims to alleviate poverty plus identify the reasons responsible for the failure or success. They provide quality, innovative services with state-of-the-art technology in line with customer expectations. Continue reading to view more details about this loan.
Oriental Bank Car Loan Details
Interest Rate (Monthly reducing balance) | Upto 36 months- BR+0.50%= 10.20%Upto 84 months- BR+0.75%= 10.45%Base Rate(BR) = 9.70% |
Processing Fees | Nil |
Pre Closure Charges | Nil |
Loan Tenure | 1 year to 7 years |
Guarantor Requirement | Guarantor required |
Features of Car Loan From Oriental Bank
Best-in-Class Financing
Finance is available for cars of all types and makes. Quantum of loan can go as high as 15% of the “On Road” cost of the vehicle. This features ensures little burden on your wallet when it comes to your contribution.
High Quantum of Loan
The bank provides a maximum loan amount of up to 1 Crore. This feature ensures that you’re dream of owning a car of your choice is fulfilled. Plus, the income criteria is quite low at just Rs.20,000 per month.
Low Rate of Interest
Oriental Bank bills interest on the concept of reducing balance starting at just 10.50% for a loan tenure of 36 months. A concession of 0.25% is available for certain category of customers such as captive, home loan borrowers etc.
Flexible Repayment Tenure
Up to 84 EMIs can be availed for repayment of the car loan which gives sufficient time to repay the loan. In terms of age, Salaried individuals who do not draw a pension can repay up to 60 years while the counterparts who are eligible for pension can do so for up to 65 years. No age bar for Business owners and Professionals.
Oriental Bank Car Loan Interest Rate
As stated earlier, Oriental bank offers low interest rates based on the base rate system. The current rate of interest is Base Rate + 0.50% for all new cars. The base rate component is subject to periodic revision. Please check on official resources such as the bank’s web portal for latest base rate.
Eligibility Criteria for a Car Loan from Oriental Bank
- The applicant should be earning at least Rs.20,000 per month(Gross income).
- Salaried applicants should have worked atleast an year in the current job. The experience from previous employers will also be considered to cover the minimum experience criteria .
- Professionals including doctors are eligible to apply.
- Business entities should be established for more than two years.
- Non Resident Indians can apply with joint application from close relatives residing in India.
- Agriculturalists are eligible depending on their repayment capacity and land holding.
A detailed breakup of all the key financials would now appear on the screen for reference.
FAQs on Oriental Bank Car Loan
- What are Oriental Bank's current car loan interest rates for 2025?
What are Oriental Bank's current car loan interest rates for 2025?
- What is the maximum car loan amount I can get from Oriental Bank?
- 100% financing for new cars (covering on-road price)
- Up to 80% loan-to-value ratio for used cars (max ₹25 lakhs)based on your repayment capacity.
- How long does Oriental Bank take to approve a car loan application?
Oriental Bank typically approves car loans within 24-48 hours after complete document verification. For instant car loan approval, ensure all documents are error-free.
- What is the minimum CIBIL score required for an Oriental Bank car loan?
You need a minimum 700 CIBIL score for approval. Borrowers with 750+ credit score qualify for the lowest interest rates on their auto loan.
- Does Oriental Bank charge prepayment penalties on car loans?
No! Oriental Bank has zero prepayment charges, allowing you to close your car loan early without penalties - a rare benefit among PSU banks.
- What documents do I need for Oriental Bank car loan approval?
Must submit:
- KYC (PAN/Aadhaar)
- Income proof (salary slips/ITR)
- Vehicle quotation
- Car insurance papers (comprehensive policy required)
- How does Oriental Bank calculate car loan EMI?
Use their online car loan EMI calculator by entering:
- Loan amount (up to ₹1 crore)
- Interest rate (from 10.20%)
- Repayment tenure (1-7 years)to get accurate monthly payment estimates.
- Can I get an Oriental Bank car loan without salary slips?
Salaried applicants must provide salary slips. Self-employed borrowers can submit:
- 2 years ITR documents
- Bank statements (6 months)
- Business license/proof
- What is the maximum tenure for Oriental Bank used car loans?
For pre-owned cars:
- Maximum 5 years (60 months) tenure
- Vehicle must be ≤5 years old
- Higher interest rates vs. new cars
- Does Oriental Bank offer special car loan schemes for women?
Yes! Female applicants get:
- 0.10% lower interest rate
- Relaxed eligibility norms
- Priority processing on their auto loan application
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