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Oriental Bank of Commerce (OBC) has reduced interest rates on home loans and vehicle loans by 25 basis points and 40 basis points respectively. Hundred basis points is equivalent to 1 percentage point. While home loans will now be available at 10.65 per cent, vehicle loans will be available at 11 per cent.
For loyal customers, the existing 0.25 per cent concession will continue as announced earlier. Simply put, for loyal customers, the bank will provide home loans at an interest of 10.40 per cent.
For vehicle loans, the interest rate for loyal customers will now be 10.75 per cent. Also, processing fee on home loans has been waived till December 31, 2012. The revised rates on home and vehicle loans will be applicable only for new customers and available from September 10.
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