State-owned Oriental Bank of Commerce (OBC) on Thursday 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.
"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 per cent onwards and loans for MSE borrowers will be available from 8.65 per cent onwards," the bank said.
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