Oriental Bank of Commerce Business Loan 2022

As a business owner, you're always looking for favorable opportunities to expand and grow your business. Right.

Now, it is time to expand your business.

Oriental Bank of commerce business loans can be availed against any collateral or security which has a good market value and is freely transferable. Oriental Bank provides you with a customized loan application process such that it suits an individual’s requirements. Afinoz.com has an exclusive tie-up with Oriental Bank of Commerce and can help you get the business loan at the most competitive interest rate in the industry. Therefore applying for an Oriental Bank business loan through Afinoz.com makes the process of application and approval of loans from Oriental Bank much easier and quicker. Now, business owners can achieve their dreams of business expansion while making their business more profitable and productive.

Oriental Bank of Commerce has attractive business loan features and benefits from a quick approval, to flexible interest rates along with convenient repayment options. Following are the various features and benefits which a customer can avail when applying for a business loan from Oriental Bank to fulfill their financial needs:

•  You can check your eligibility for availing an OBC business loan online as per your requirements within a minute
•  OBC Loans are usually disbursed within 2 to 3 days of approval based on your credit history and your loan amount requirement
• Oriental Bank offers collateral-free business loans based on EMI’s for loans up to Rs. 20 lakhs
• The maximum amount of business loan that can be sanctioned depends on the quality and size of your business including the profits being generated.
• Oriental Bank provides flexibility to its customers in the form of loan tenures which can range from 1 year to 10 years including a moratorium period of a maximum of 6 months.
• Provides a high level of transparency to its customers about the charges involved at each step of the loan process.
• Very low processing fee of around 0.5% of the loan amount is charged to the borrower while taking a business loan from Oriental Bank of Commerce
• You can avail an OBC business loan of up to Rs. 20 lakhs without providing any collateral/security/guarantor.
• The easy and simple documentation process
• No hidden charges
• Zero foreclosure charges
• If you are an existing Oriental Bank customer, then you can avail special offers, attractive interest rates, and loan tenures. It is always advisable to calculate your cost versus benefit ratio, before availing any business loan.
• You can enjoy lower EMIs with the added benefit of getting extra finance by transferring your existing business loan to Oriental Bank and saving on your interest payments.
• Quantum of borrowing under Oriental Bank business loan ranges from Rs. 20 lakhs to Rs. 200 lakhs

Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for Oriental Bank business loans. Other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for their business are mentioned below:

• Individuals whose businesses are constituted as any one of the following are eligible to apply for a business loan from Oriental Bank :
  • Partnership Firm
  • Private / Public Ltd. Cos.
  • Self-employed Professional/Non-Professional who in the opinion of the Oriental Bank are technically qualified
  • Unlisted Public Limited Company
  • Proprietorship company
  • Trust, Societies and Section 25 Companies(mainly for hospitals or educational institutions)
• Age: Minimum age at the time of application of loan should be 21 years; Maximum age at the time of maturity should be 65 years
• Business Continuity: The business should have been well-established and should be up and running for more than 1 years
• Turnover: The gross turnover of the company should range from Rs. 20 lakhs to Rs. 20 crores or more per annum
• Work Experience: Minimum 2 years of experience in the current line of work for Self-employed Professionals
• CIBIL score: Loan approval will be difficult if your CIBIL score is low. In some cases, even if your credit score is low, but your business is doing good then your loan application might get approved, but you might be asked to pay a high interest rate and will be offered many unfavorable terms and conditions on your loan.
• Oriental Bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.

A business loan entails the simplest form of documents which can vary slightly for different types of companies like self-employed individual proprietorship firms, private limited companies, and partnership firms. Thus, for obtaining the maximum amount of loan, a borrower should produce the documents according to their business profiles as follows:

Required Documents for Self-employed Proprietorship Companies

• Application form with a recent photograph of all co-applicants
• Identity proof: (Anyone) Copy of Aadhaar Card/PAN card/Passport/Voter's ID/Driving license
• Financial Documents: Copy of IT returns/P&L and balance sheets of the last 3 years as documented and verified by CA
• Bank statement: Last 6 months bank statement
• Existing Loans: If you have any existing loan, then the sanction letter of that loan/loans along with its repayment records or account statement
• Proof of business ownership: Certified copy of Proprietorship deed/ Service tax certificate/Tax bill/Certificate of Shop and establishment

Documents for Private Ltd. Companies

• Application form with a recent photograph of each Director
• Identity proof: KYC (id and address proof) of all directors (as they stand as co-applicant)
• Bank statement: Last 1-year bank statement (all major accounts)
• Proof of business ownership: Registration proof of the company
• Financial Documents: Last 2 yrs. Individual ITR along with COI (certification of incorporation) of all directors
• Existing Loans: All running loan schedules, if any
• Any electricity or water bill of residence or office of ownership
• KYC of a company (pan card and address proof)
• Last 3 yrs. ITR with Complete financials
• Landline/Postpaid phone bill
• MOA(Memorandum of Association)
• List of director and shareholders
• Form 20B (annual return)
• Current year vat and service tax return

Documents for Partnership Firms

• Application form with a recent photograph of all partners
• Identity proof: PAN card of all partners and of firm
• In case if there are multiple partners in a firm, ample number of co-applicants must be made part of the loan application such that total ownership of all loan applicants exceeds 51%
• Bank statement: Last 6 months bank statement of the main account
• Residence address proof of all partners (electricity bill, water bill, house tax receipt)
• Proof of business ownership: Office address proof of firm (latest phone bill not older than 2 months) or any registration proof in the name of the firm
• Partnership deed copy
• Existing Loans: All running loan schedules and their statements
• Financial Documents: Last 2 years Individual partner's ITR with the computation of income (if more than 1 partner is acting as an applicant or co-applicant, then ITRs of all are required) Last 2 yrs. ITR with complete financials of the firm
• Business Vintage Proof: Any 3 yr. old continuity proof (if incorporation date mentioned in registration proof then not required)
• Last 4 quarters of Vat or service tax return whichever is applicable.

Why should you apply for an Oriental Bank Business Loan through Afinoz?

Afinoz.com is India's finest personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.

• Instant Approval - Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
• Real-time application tracking - Keep track of your application status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
• Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Oriental Bank for financing your business.
• Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
• 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
• No third-party agent - Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.
• Free quotations - Get best online deals on Oriental Bank business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.

How to apply for Oriental Bank Business Loan on Afinoz?

Oriental Bank has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.

Business owners can apply for a loan in Oriental Bank through Afinoz.com in the following three simple steps:

1. Check your eligibility for a business loan - Firstly, you need to make sure you meet Oriental Bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and get's you a quick quotation on the best business loan options available to you immediately.
2. Select the loan amount and tenure - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
3. Upload and submit documents - In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from Oriental Bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.

At each step of the application process, Afinoz.com allows its applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become a popular option among a number of business owners.

What is Afinoz.com?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. We have exclusive tie up with Oriental bank of Commerce for Personal and Business Loans. You can contact our team to get more information or apply for a loan or investment by calling on 0120-411-0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

About the Bank

OBC Bank stands for Oriental Bank of Commerce. It is an Indian public sector bank headquartered in Gurgaon, Haryana. The bank was established in 1943 and was nationalized by Reserve Bank of India on 15th April 1980. At that time Oriental Bank ranked 19^th among the 20 nationalized banks of India. Oriental Bank of Commerce has an employee workforce of over 21,469 and has established its footprints in around 1092 cities across the different states of India. AMazing! Oriental Bank of Commerce offers a host of financial banking products and services to micro, small and medium scale enterprises (MSMEs) along with a wide range of investments, advisory and wealth management services.