The rate of interest has been decreased in the Oriental Bank of Commerce (OBC), which is a bank located in state of New Delhi, by 0.1% for the home loans that can be up to 30 lakhs. As per the statement released by the bank, the interest rate of present home loans has been changed to 10.40% and the EMI would be as less as 937 per lakh. OBC has made this announcement as a gift to the customers for New Year. In addition, the minimum lending or base rate of this bank is 10.40%. The statement includes that the bank has cut the margin to 20%, for the people who have got home loans of above 20 lakh.
The interest rate would be 15% for the customers who got below 20 lakh of loan. In every fixed deposit plans, this state-owned bank will surrender the penalty on withdrawing premature amount. HDFC bank has reduced the standard interest rate by 0.1%. The bank slashed the base rate from 9.8% to 9.7%. Simultaneously, the second largest private bank in India has cut the benchmark prime lending rate, also known as BPLR, to 18.20%, which is similar to interest rates in other banks.