Oriental Bank Of Commerce Undertaking

I want to apply for Vehicle Loan in Oriental Bank Of Commerce, a Government of India Undertaking so can you please tell me the eligibility to apply for this?

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Oriental Bank Of Commerce offers Vehicle Loan for purchase of all variants of four wheelers & two wheelers.

Vehicle Loan

Purpose-

For purchase of all variants of four wheelers & two wheelers

For purchase of Second Hand Cars to be used as private vehicle only

Income Criteria-

For two Wheelers - Rs. 10000/- per month (Gross)
For Four Wheelers - Rs. 20000/- per month (Gross)

Eligiblilty-

Salaried Individuals with confirmed / minimum 1 year of service

Professionals (including doctors)

Business entities Established business for not less than two years.

Agriculturist based on their land holding and repayment capacity.

Non-Resident Indians- jointly with Resident Indians (close relative)

Co-applicants-

Spouse, Father, Mother, Brother, Son, Daughter-in-law & unmarried daughter can be co-applicant.

Maximum Loan Ceiling-

Maximum loan for Two Wheelers - Rs. 10.00 Lacs,
Four Wheelers- Rs.100.00 Lacs

Security

Hyp. of New Two wheeler / Car / MUV purchased out of Bank Finance. The hypothecation charge shall be registered in the books of RTO.

Margin-
15% on on-road cost

Components of finance-

Show room price + one time road tax + Registration Charges & First year's insurance cost

Repayment Period-

Upto 84 EMI's {Equated monthly installment of Principal & interest components}

For Salaried (Non Pensionable) - Up to 60 years or superannuation whichever is earlier.

For Salaried (With Pension) - Up to 65 years having regular source of income.

For Business Class/ Professionals: No age-bar

Contact-

Corporate Office

Plot No. 5, Institutional Area
Sector-32
Gurgaon – 122001

Telephone Nos.:

PBX board/ receiption numbers : 0124-4126200 and 0124-4126300

Toll Free Customer Care No. : 1800-180-1235

Toll Customer Care No. : 0120-2580001