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With the help of this device, you can any time, anywhere know the exact amount of your EMIs that you need to give to your lender each month so that your personal loan can be repaid. In Jan 2017 I was looking for Personal Loan from OBC and was very confused before I checked the website of Afinoz. The website gave me all the important information about the loan schemes of OBC Personal Loan as per my requirements. Depending on the loan amount, eligibility of the applicant, a guarantor may be required. The Oriental Bank of Commerce requires the guarantor to be a co-employee of the applicant, and the same cannot stand as guarantor for more than two accounts. You can apply for the loan by visiting a branch near you, or you can do it online too.
Thanks to banksdirect for suggesting the best personal loan. Our loan and financial assistance is extremely flexible to match the timely satisfaction of our customers. Rai Bahadur Lala Sohan Lal the first Chairman of the Bank, founded OBC in 1943 in Lahore. Within four years of its coming into existence, OBC had to face Partition.
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APRs are commonly used within the home or car-buying contexts and are slightly different from typical interest rates in that certain fees can be packaged into them. For instance, administrative fees that are usually due when buying new cars are typically rolled into the financing of the loan instead of paid upfront. APR is a more accurate representation than the interest rate when shopping and comparing similar competing. On the other hand, annual percentage yield is the interest rate that is earned at a financial institution, usually from a savings account or Certificate of Deposit (in the U.S.).
When it comes to calculating the EMIs, with the help of an EMI calculator, you can do the same so easily without any hassle. So, if you are going to avail a loan from OBC, how your EMIs will be calculated is actually the big question here? Well, while calculating the EMIs, the calculator needs just three valuables i.e. loan amount, tenure and interest rates.
Loan Amount (max)
On OBC home loans, PMAY provides a subsidy of roughly 2.67 lakh rupees. Applicants for a home loan with OBC that is qualifying for the PMAY subsidy will do so. This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes. This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction. Accuracy – The personal loan EMI calculator is more accurate than manual calculation as the latter has a high risk of error.
Suppose, if you borrow a loan amount of INR 78 lakh at an OBC bank home loan interest rate of 8.17%. And you choose a repayment tenure of 320 months then according to the OBC home loan calculator your EMI would be INR 57,532. Any salaried or self-employed NRI or POI can apply for a home loan from OBC. In case of a salaried individual, there has to be regular income, and they have to have a minimum total employment of two or three years and minimum one year with the current organization.
Interest Rates by Banks
Ease of use – Calculations on this tool can be done effortlessly. This enables you to make comparisons between various banks offering different loan rates and make quick decisions. You will also have to select between the option of making or not making pre-payments towards the loan. Clicking on ‘Calculate’ generates the monthly EMI amount that you will incur towards the loan. But don’t know the EMI and interest liability you would have over the loan tenure? The answer is hidden in Oriental Bank of Commerce Home Loan EMI Calculator, which is equipped with an algorithm to do so.
You would be glad to know that founded in Lahore, the New Delhi-headquartered public lender is a home to a gamut of best-in-class products like personal loan to address your fund requirements. Be it pensioners, employees of public sector & private sector units or home loan borrowers, the bank has attuned its personal loan schemes for each one of them. Special offers, interest rates & nominal charges for oriental bank of commerce account holders. Individuals applying for OBC personal loan should pay attention towards documentation required to get the personal loan in Oriental bank of commerce. During the time of loan application, the applicant must have completed 18 years of age. There are two different maximum ages for the applicant, depending on whether the applicant has a pension or not.
BankBazaar’s Personal Loan EMI Calculator is an online tool that can be used universally to calculate the installment amount towards a personal loan from OBC. The tool also gives a total breakup of all charges included in the loan. The calculator makes use of the repayment table to generate an instant output. Planning to avail a home loan from Punjab National Bank?
Residents of some countries are required to get permission from RBI before buying any immovable property in India. Citizens of Bangladesh, Pakistan, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan fall into this category. Citizens of any other country can freely apply for a home loan at OBC. The minimum age of the applicant must be 18 years of age. Any person who has been residing outside India for 182 days or more is legally an NRI as per government guidelines. If any such individual decides to come back to India, they might look to applying for a home loan, to build their base or home here in India.
In the U.S., the Federal Reserve can change the rate at most up to eight times a year during the Federal Open Market Committee meetings. In general, one of their main goals is to maintain steady inflation . Simple interest is calculated as a percentage of principal only, while compound interest is calculated as a percentage of the principal along with any accrued interest. As a result of this compounding behavior, interest earned by lenders subsequently earns interest over time. The more frequently interest compounds within a given time period, the more interest will be accrued.
Post the deduction of monthly expenses, you end up with a savings of say ₹ 25,000. Now you would be interested to know your personal loan eligibility. First and foremost, the eligibility calculator will derive per lakh EMI.
Once these details are into the calculator, you would be able to know the EMIs of your loan amount. I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy. Depending on the applicant’s eligibility, loans are disbursed for tenures of up to 60 months. A processing charge of 0.50% of the loan amount (subject to a minimum of Rs.500) + service tax has to be paid at the time of taking the loan. AFINOZ.COM is an online financial marketplace for customized rate quotes on loans and investment products in India.
The processing fee applicable is 0.35% of the loan amount plus GST. EWS, LIG, and MIG applicants can enjoy subsidised rates under the PMAY scheme through PNB. At what rate does Oriental Bank of Commerce charge a processing fee for personal loans? OBC charges a processing fee of 0.50% of the loan amount with a minimum of Rs.500 along with Service Tax. Example – If you have taken a personal loan of Rs.2.5 lakh from OBC at an interest rate of 13.76% p.a., you will be charged a processing fee of 1%. Based on this, the loan repayment details for different tenures are as indicated above.
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