About the Bank
Oriental Bank of Commerce 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 19th 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. Oriental Bank of Commerce offers a host of financial banking products and services to micro, small and medium scale enterprises (MSMEs) along with wide range of investments, advisory and wealth management services.
Oriental Bank Business Loan
As a business owner, you're always looking for favorable opportunities to expand and grow your business. But when such an opportunity comes, you need necessary funds to actually take its benefits. And now, with Oriental Bank Business Loans, you can grow or expand your business without disturbing your personal investments or without asking for credits from loan sharks or other such moneylenders. Oriental Bank provides business loans with simple and easy documentation and quick approval at attractive interest rates that give your business the financial support you need. You can use the Oriental Bank Business Loan to purchase a property or invest in machinery and plant or for your business working capital requirements or equipment financing. 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 its suits any individual’s requirements. Afinoz.com has an exclusive tie-up with Oriental Bank. 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. By availing the benefits of Oriental Bank Business Loans through Afinoz.com, business owners can achieve their dreams of business expansion while making their business more profitable and productive.
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. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at firstname.lastname@example.org. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
Features and Benefits of Oriental Bank Business Loan
Oriental Bank of Commerce has attractive business loan features and benefits from 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:
- Check Online Eligibility: You can check your eligibility for availing business loan online as per your requirements within a minute
- Quick Approval: Loans are usually disbursed within 2 to 3 days of approval based on your credit history and your loan amount requirement
- No Collateral/Security: 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.
- Flexible tenure: Oriental Bank provides flexibility to its customers in the form of loan tenures which can range from 1 year to 10 yearsincluding 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 a business loan of up to Rs. 20 lakhs without providing any collateral/security/guarantor.
- Easy and simple documentation process
- No hidden charges
- Zero foreclosure charges
- Attractive Interest Rates: 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.
- Very low pre-payment charges
- Transfer of the loan balance - 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
Oriental Bank business loan eligibility and Oriental Bank business loan interest rates can be easily evaluated through and seen on Afinoz’s website. If there is any query about Oriental Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at email@example.com and get all the solutions at one go.
Oriental Bank Business Loan Eligibility Criteria
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 crore 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 instalment and your eligibility as per your potential.
Oriental Bank Business Loan Documents Required
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:
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 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 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 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 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 applicant or co-applicant, then ITRs of all are required) Last 2 yrs. ITR with complete financials of 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.
Oriental Bank Business Loan Interest Rates
|Interest Rates||11.95% TO 19%|
(With the BASE RATE of 9.70% )
|Loan tenure||1 TO 10 YEARS|
|Processing Charges||Up to 0.5% of the sanctioned loan amount + Service Tax (if any)|
Subject to a minimum amount of Rs 500
|Prepayment||No prepayment permitted until the repayment of minimum 6 months EMI|
|Prepayment charges||5% of the Principal Outstanding Amount + GST|
|No Dues Certificate/ No Objection Certificate(NOC)||Rs. 150 + Service Tax|
|Penal Interest||2 % per month on overdue installment amount|
Special Note: Rates are subject to periodic change. Business loan interest rates in Oriental Bank and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Oriental Bank etc.
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:
- 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.
- Select the loan amount and tenure - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- 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 it's 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.
Query-What is the maximum loan amount offered as a personal loan by Oriental Bank of Commerce?
Reply- Oriental Bank offers business loans from a minimum amount of Rs. 20 lakhs to a maximum amount of Rs. 200 lakhs as per your business finance requirements.
Query- How much time will it take to get the loan disbursed?
Reply-Once you fill in and submit the application form online on Afinoz.com, the bank will take from 3 to 4 business days to process and disburse the loan amount. The sole approval of the loan depends exclusively on the bank.
Query-How can I find out if I am eligible for the Oriental Bank business loan?
Reply- Afinoz.com provides you with an eligibility calculator called business loan eligibility calculator which you can use to determine your eligibility for the business loan. It will also tell you the amount up to which you can avail this loan.
Query- Can I repay the business loan early?
Reply-Yes, you can pre-pay your business loan only after a period of 6 months or repayment of 6 EMIs whichever is earlier or as per the terms and conditions stated by Oriental Bank. No prepayment of the loan before 6 months is allowed by the bank.
Query-Do I need to provide any security for availing business loan from Oriental Bank?
Reply-No collateral/security is needed while applying for a business loan from Oriental Bank for loan amount of up to Rs. 20 lakhs.
Query-What is the maximum tenure for a business loan from Oriental Bank?
Reply- You can avail a business loan from Oriental Bank for a period of 1 to 10 years.
Query- Will my information be safe online?
Reply-Afinoz.com is India’s most committed financial platform which does not share any of its client data with third-parties other than the concerned financial institution/s. All the data is sent online in an encrypted format making it safe and secure at all times.
Query- How do I repay my Oriental Bank business loan?
Reply-You can repay your loan in EMIs (Equated Monthly Installments) in the form of post-dated cheques or if you have an account with the Oriental Bank, then by opting for direct debit from your bank account on the due dates.
Query-What are the interest rates offered by Oriental Bank for a business loan?
Reply- Oriental Bank business loan interest rates currently ranges from 11.95% to 19%
Query- How can I track my loan application process?
Reply- You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email-ID in real-time.
Query- What is the basis on which the loan limit is decided by Oriental Bank?
Reply-Loan amount is mainly decided based on your annual income/earnings and your credit history.
For any query about Oriental Bank of Commerce business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at firstname.lastname@example.org.