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Oriental Bank of Commerce is an India-based bank established in Lahore. Founded on 19th February 1943, it is one of the public sector banks in India. The first Chairman of the Bank, Rai Bahadur Lala Sohan Lal, has founded OBC in Lahore. Within four years of its being, it had to close down its branches due to Partition. Thereafter, it shifted its registered office from Lahore (which then came to be part of the newly formed Pakistan) to Amritsar. The Bank was braved many challenges ever since its inception, however, the united efforts of the employees and the leader of the Bank overcame all odds with mutual co-operation.
About OBC Bank
It was nationalized on 15 April, 1980. At that time, OBC ranked 19th amongst the 20 nationalized banks. In 1997, OBC acquired two banks: Bari Doab Bank and Punjab Cooperative Bank. Oriental Bank of Commerce banking services include deposit accounts, loans, debit cards, credit cards, Insurance products, ATMs, Internet banking, Mobile banking, self-banking halls, call centre, etc. OBC has also implemented a Grameen Project in Dehradun District (Uttarakhand) and Hanumangarh District (Rajasthan). This initiative comes with a unique feature of disbursing small loans, with the beneficiaries being mostly women.
The Bank provides training to rural folk, which has boosted self-employment and augmented income levels. This, in turn, has significantly reformed the lives of the rural folk and encouraged cottage industries. Oriental Bank of Commerce financial services has also launched yet another innovative scheme, named ‘The Comprehensive Village Development Programme’ in certain villages of Punjab and Haryana. This programme focuses on providing a comprehensive and integrated package, offering rural finance to the villagers with Village Development as its focus. Further, the Bank has implemented a 14 point action plan for strengthening of credit delivery to women and has designated 5 branches as specialized ones for women entrepreneurs.
Vision and Mission
The Bank aims to be a customer friendly premier bank committed to enhancing stakeholder value. Its mission statement emphasizes on providing quality, innovative services coupled with state-of-the-art technology in line with customer expectations. The wide range of Oriental Bank of Commerce services is committed to enhancing employees’ professional skills and to strengthen cohesiveness, while creating wealth for customers and other stakeholders simultaneously.
Oriental Bank of Commerce Loans
Oriental Bank of Commerce Home Loan : The home loan can be availed for a number of purposes, including – purchase of land and construction of a house thereon, construction of house on a plot/land already owned by the applicant, purchase of a built/semi-built house/flat, extension/repair/renovation of an existing house/flat, home furnishing, etc. According to Oriental Bank of Commerce Home Loan eligibility criteria, any individual or group of individuals (co-borrowers) with a stable source of income can apply for this loan. The applicant may be salaried/self-employed, professional, businessman, farmer, etc. (including staff and NRIs). Oriental Bank of Commerce loan details mentions that the minimum age of the borrower should be 18 years, as on the date of application. For salaried individuals with pension and others, the maximum age limit is 70 years, while for non-pensionable salaried individuals, it is 60 years or superannuation, whichever is earlier. There are no fixed upper limit for the housing loan, though the maximum Bank finance permissible, will be calculated on the basis of the applicant’s as well as the co-borrower’s income. For home furnishing loan, the maximum limit is Rs. 15 lakhs.
Oriental Bank of Commerce Personal Loan : Under this category, the Bank has designed a loan scheme for pensioners, with the purpose of meeting personal/family expenses, such as marriage/education/family functions/purchase of consumer durables, or any other legitimate purpose excluding speculative purposes. In order to avail this loan, the applicant should not be more than 75 years of age. The net take home pension should not be less than 50% of gross pension. Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, is also eligible for this loan.
Oriental Bank of Commerce finance has another personal loan scheme for PSUs, and Central/State Govt. employees (working and pensioners). It is meant for permanent and confirmed employees of Public Sector Undertaking (PSU) and Central/State Govt. Dept. and other Government institutions like Universities/Colleges etc. who have their salary account with the Bank. The net monthly salary of the applicant should not be less than Rs. 10,000. Further, the net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.
The Bank also has a customized personal loan scheme for corporates, who have their salary account with OBC. In order to avail this Personal Loan from Oriental Bank of Commerce, the applicant should have completed minimum 3 years of service, with the net monthly salary being not below Rs. 10,000. There is also an Oriental Personal Loan Scheme for Home Loan borrowers. The minimum loan amount is Rs. 1 lakh, while the maximum amount is Rs. 10 lakhs, or 15% of sanctioned limit under Home Loan, whichever is less.
Oriental Bank of Commerce Business Loan : The Oriental Business Loan Scheme has been specially tailored to provide hassle-free credit to meet working capital requirements or to augment long-term margin/financing of fixed related to business activity, or for expansion of business to traders, micro, small and medium enterprises (manufacturing and service), contractors/commission agents, and authorized service centre/Service Sector, e.g. hotels, guest houses, etc. According to the eligibility criteria, proprietorship, partnership firms, Private/Public Ltd., and other businesses engaged in a particular line of activity for at least 1 year and with satisfactory dealings can apply for this loan. The business unit should comply with State/Central Sales Tax Registration Certificate, License Under Shops and Commercial Establishment Act, Registration with Excise Department, trade license, etc. This scheme sanctions a maximum loan amount of Rs. 500 lacs.
Oriental Bank of Commerce Loan Against Property : The purpose of Oriental Mortgage Loan Scheme is to offer term loan/overdraft facility against the security of immovable property, i.e. for investment in business or personal expenses. All individuals and joint borrowers (including Doctors/Professionals and Self-Employed) who have been income tax assessee for at least 2 consecutive years are eligible for this loan. Individuals engaged in agriculture and allied activities can also apply for this loan. Companies/firms jointly with their Directors/Partners can also avail this loan. Oriental Bank of Commerce loan advantage under this scheme is that the loan limit is Rs. 10 crore, while the minimum loan amount considered is Rs. 5 lacs.