Motor Insurance is not offered by Oriental Bank of Commerce as it a bank and not an Insurance company.

However it offers the motor vehicle loan the details of which has been mentioned below:

The Oriental Bank of Comerce offers the engine For buy of all variations of new car,suv,4 wheelers and bikes - bike/engine cycle and so forth (non-business use-to be enrolled as private vehicle)

Qualification:

For all people - Minimum Income criteria -
For bikes - Rs. 10000/ - every month gross
For Four Wheelers-Rs. 15000/ - every month gross

Salaried persons/resigned
Least 1 year of administration

Resigned representatives/beneficiary
Age ought not surpass over 65 years

Specialist/proficient
No age bar. Set up business for at the very least 2 years administration

Agriculturist
In view of the area holding

For existing SME/Mid Corporate/Corporate Borrowers
Cash generation and repayment capacity

Most extreme Loan Ceiling
Most extreme credit for
Bikes - Rs.2.00 Lac and
Four Wheelers-Rs.50.00 Lacs

Margin
For Two wheelers - 10%
For Cars/MUVs - 15% on-street cost

Components of finance
Show room cost + one time street charge + Registration Charges and First year's protection cost

Evaluation of qualified advance sum
If there should arise an occurrence of salaried persons/retired people/Professionals most extreme advance acceptable might be equal to 30 months Gross pay/benefits subject to condition that the net take pay (gross Annual pay short all current reasonings, IT conclusion and Proposed credit instalment)is in 30-40% piece according to Gross Annual wage.

Upto Rs. 50000/ - pm
40%

Above Rs. 50000/ - pm
30%

In the event of Business substances - Cash eras to fulfill the reimbursement of the proposed advance

Reimbursement Period
Upto 84 EMI's {Equated regularly scheduled payment of Principal and interest components} (Subject to remaining time of administration/reimbursement limit and greatest age upto 65 years).

Rate of Interest Details:
Upto 36 months BR + 0.50% = 10.20%
Upto 84 months BR + 0.75% = 10.45%