Oriental Bank of Commerce has launched new retail and micro & small enterprise (MSE) loan products linked to the Reserve Bank of India's repo rate. The new products will be available to borrowers from October 1 onwards. Interest rates on these products will directly be linked to an external benchmark, which in this case is the repo rate.
All new floating rate loans to MSEs and retail loans offered by the bank shall have interest rate linked to the repo rate. With the new variant, repo rate-linked home loans will be available at interest rate of 8.35 per cent onwards and loans for MSE borrowers will be available from 8.65 per cent onwards.
Oriental Bank of Commerce is a commercial bank. The Bank operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking business operations.
