Oriental Bank launches Equity
By Our Banking Bureau | 06 Oct 2004
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New Delhi:Oriental Bank of Commerce (OBC) has launched Equity, a loan to buy IPO shares. Through this, OBC will offer a maximum amount of Rs 10 lakh. The loan will be extended at nine per cent per annum. The margin to be contributed by the customer is 40 per cent.
The bank has said that no charge will be levied for demat account opened for availing the loan.
However, a fee of Rs250 and service charges applicable will have to be borne by the customer. The security for the loan would be pledge of the shares to be allotted.
