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Last Updated : Sep 20, 2019 02:59 PM IST | Source: PTI

OBC to offer retail, small biz loan products linked with repo from October 1

Interest rates on these products will directly be linked to an external benchmark, which in this case is the repo rate, the bank said in a release

 
 
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State-owned Oriental Bank of Commerce (OBC) on September 19 said it 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, it said in a release.

The bank added that the link will ensure fair and transparent transmission of the monetary policy rate immediately to the customers, it said in a release.

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"All new floating rate loans to MSEs and retail loans offered by OBC 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 percent onwards and loans for MSE borrowers will be available from 8.65 percent onwards," the bank said.

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First Published on Sep 20, 2019 08:10 am
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