The public sector bank, Oriental Bank of Commerce, has slashed its interest rates on retail loans such as home loans by up to 25 basis points and auto loans by up to 40 basis points. The new rates applicable on home loans are 10.65 percent while the new interest rate on auto loans is 11 percent.
The bank also plans to continue providing its loyal customers with the existing 0.25 percent rebate on retail loans.
With this, the loyal customers of the bank will be charged an interest rate of 10.40 percent on home loans. Similarly, auto loans will carry interest rates of 10.75 percent for the loyal customers. The bank has also waived off its processing fees on home loans till 31st December.
The new rates will apply only for new customers and will be applicable from 10th September.