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Oman cuts personal loan interest rate

Muscat, March 25, 2012

Oman will reduce the maximum interest rate for bank-issued personal loans to 7 per cent from 8 per cent from next month, the country's central bank said on Sunday.

'To reduce the financial burden on borrowers and to encourage banks to offer more credit to finance productive projects, the board agreed to reduce interest rate ceiling on personal loans offered by local banks from 8 per cent to 7 per cent from April 1,' the statement said.  - Reuters




Tags: Oman | banks | Interest rate | personal loan |

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