Oriental Bank Car Loan Interest Rate is 8.9%. Oriental Bank offers a variety of car loan options, including a special interest rate for women and low-interest rates for others. The bank provides financing for both new and used vehicles, whether you are an individual or a corporation.
You can get a maximum of 100% financing for new cars with terms of up to 84 months. There are no processing fees or pre-closure charges, making buying your dream car more straightforward. The Oriental Bank Car Loan is an excellent option for competitive interest rates and flexible payment options.
The Oriental Bank Car Loan is a popular new car option. Some of the salient features and characteristics of the new car loan available from Oriental Bank are:
Low-interest rates: One of the most attractive features of the Oriental Bank Car Loan is its low-interest rates. The current interest rate is Base Rate + 0.50% for all new cars.
Flexible repayment options: The bank offers flexible repayment options with terms of 84 months, allowing customers to choose a payment plan that suits their budget and financial situation.
No prepayment charges: Unlike other banks that charge prepayment fees, Oriental Bank does not charge any prepayment penalties or processing fees. You can easily pay off the loans early without additional charges.
No hidden charges: Oriental Bank is transparent in its dealings and has no hidden charges or fees associated with its car loans.
High loan amount: The bank provides a maximum of 100% of the vehicle's cost; you can avail of full financing for your dream car.
Quick disbursal: The bank provides a fast approval process and makes disbursal of the loan amount easier for customers to purchase a car without delays.
The Oriental Bank Car Loan Interest Rate in 2023 is quite attractive, with a minimum interest rate of 8.9% for new cars. The maximum interest rate for the car loan depends on the base rate +0.50% and varies based on factors, including the borrower's credit score and the repayment period.
The bank charge processing fee loan amounts to 0.50%. However, no pre-closure charges get associated with the loan, making it easier for customers to pay off their loan early without additional fees.
Furthermore, Oriental Bank also offers a special interest rate for women, slightly lower than the regular rates. It makes the car loan even more affordable for female borrowers looking to purchase a new car.
The Oriental Bank Car Loan is an excellent option due to competitive interest rates and flexible repayment options. While there is a processing fee associated with the loan, the absence of pre-closure charges makes it easier for customers to pay off the loan early without additional costs.
The Oriental Bank Car Loan Interest Rate depends on the borrower's CIBIL score, which reflects their creditworthiness. For availing of a car loan from Oriental Bank, a minimum required CIBIL score of 750.
Based on the borrower's CIBIL score, the bank offers different interest rates and loan tenures. For instance, if a borrower's CIBIL score is above 800, they will likely get the best interest rates starting at 7.35% per annum, with flexible loan tenure from 12 to 84 months. On the other hand, if the borrower's CIBIL score is between 750-800, they may offer an interest rate starting at 8.9% per annum.
Furthermore, the minimum loan tenure offered by Oriental Bank for a car loan is 12 months. However, the loan tenure can extend to 84 months, depending on the borrower's repayment capability.
A good CIBIL score is imperative for obtaining a car loan from Oriental Bank. A higher score increases the chances of loan approval and helps borrowers get favourable interest rates and loan tenures per their repayment capacity.
Credit score: The borrower's credit or CIBIL score determines the loan interest rate. A higher credit score indicates good creditworthiness and can help borrowers avail of lower interest rates on their car loans.
Loan amount: The requested loan is also crucial in determining the interest rate. Banks generally offer lower interest rates for higher loan amounts as it indicates the borrower's ability to repay the loan.
Loan tenure: Loan tenure is an essential factor affecting the interest rate. Banks generally offer lower interest rates for longer loan tenures, reducing the EMI amount.
Income and employment status: The borrower's income and employment status can impact the interest rate as it determines repayment capacity. Higher-income or stable employment helps borrowers to avail of lower interest rates on their car loans.
Type of car: The car you purchase can also impact the interest rate, and banks offer different interest rates depending on whether the car is new or used and the car's make and model.
Market conditions: The prevailing market conditions, such as inflation, demand for credit, and government policies, can impact the interest rates of bank car loans.
Age: Your age must be 21 to 60 years.
Income: The borrower should have a minimum gross monthly income of Rs. 20,000, which must be stable and consistent.
Employment: The borrower must have a stable job or business with a minimum of 1-year work experience in the current organization.
CIBIL Score: The borrower must have a good CIBIL score of 750 or above.
Nationality: The borrower should be an Indian citizen.
Loan Amount: The minimum oriental bank car loan amount from Oriental Bank is ? 1 lakh, while the maximum amount can go up to ? one crore.
Documentation: The borrower must provide all required documents like identity, address and income proof.
Visit the official website of Oriental Bank, and go to the 'Car Loan' section.
Complete the online application with essential details, including personal information, income details, and loan requirements.
Submit all the necessary documents, including identity proof, address proof, income proof, and vehicle-related documents.
You will receive an acknowledgement email or message with your application number.
The bank will verify your details and documents, after which it will communicate its decision on the loan approval.
After approval, the loan amount will get credited directly to the dealer's account, and you can purchase your desired car.
Shop Around: It is always advisable to check the interest rates of different banks and compare them before finalising one. It can help borrowers to negotiate effectively and get the best interest rates.
Good Credit Score: Good credit score indicates good financial management skills, which can benefit the borrower while negotiating for lower interest rates.
Loan Amount: You can negotiate a lower interest rate by choosing a higher loan amount, indicating a higher repayment capacity.
Repayment Tenure: Opting for a longer repayment tenure can also help borrowers negotiate for lower interest rates, reducing the EMI amount and making the loan more affordable.
Relationship with the Bank: If the borrower has a long-standing relationship with Oriental Bank, they can negotiate for lower interest rates based on their relationship.
Bargaining Skills: Negotiating for lower interest rates requires good bargaining skills. The borrower should be confident and assertive while presenting their case to the bank officials.
The car loan interest rate of Oriental Bank of Commerce is 7.35% per annum.
The minimum Oriental Bank car loan amount is Rs. 100,000, and the maximum is up to 85% of the car's on-road price.
Factors including loan amount, loan tenure, credit score, and income can affect the interest rate for car loans from Oriental Bank.
Oriental Bank offers flexible loan tenures of up to 84 months for four-wheeler car loans.
While negotiating the interest rate for a car loan is possible, it largely depends on your credit score, income, and other factors.
You can usually find the interest rate at the top or bottom of the car loan statement or at the beginning of the document that outlines your repayment terms.
Choosing a shorter repayment tenure for a car loan can result in higher monthly payments but a lower overall interest cost. A longer repayment tenure will have lower monthly payments but a higher overall interest cost.
Yes, Oriental Bank allows you to prepay the car loan amount anytime during the loan tenure without penalty.
The interest rate is essential in determining the total cost of the car loan, and you must pay more over the loan tenure if the interest rate is high.