A recent press report said that Oriental Bank of Commerce has announced attractive festival offer of home loans and vehicle loans at a discounted interest rates.
As festival offer the bank offers home loans at an interest rate with 0.5 per cent concession and the rate of interest (ROI) for home loans up to Rs. 30 lakh under festival offer is 10.75 per cent.
The customers can avail home loans up to Rs. 30 lakh with a repayment period of 10 years at the ROI 10.75 per cent and the same amount for a period of 10 to 20 years at the ROI of 11 per cent. The loan amount above Rs.30 lakh up to Rs. 75 lakh would be offered at the ROI of 11 per cent up to a period of 5 years and for a period up to 10 years the ROI would be 11.25 per cent. Loans above Rs. 75 lakh up to Rs.3 crore would be given at the starting ROI of 11.50 per cent for a period of 5 years
The car loans for tenure of 3 years will be offered at the rate of 12.25 per cent and that for the tenure above 3 years will be offered at 12.75 per cent rate of interest. The processing charges for these loans have been cut to 50 per cent. The bank also provides attractive life insurance cover over home loans.