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Oman lowers personal loan limit
- Oman: Tuesday, March 26 - 2013 at 03:38
Oman's central bank has lowered the upper ceiling of personal loan portfolio of commercial banks to 35% from 40% of a bank's total credit, while raising the housing loan limit to 15% from the current 10%, Times of Oman has reported. The apex bank last year brought down interest rate ceiling on new personal loan to 7% from 8%, in a move aimed at bringing down the repayment burden or indebtedness of bank borrowers. It is not clear, however, whether the latest decision will be implemented immediately or if a grace period will be granted to local banks to comply with the revised upper limit.
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