IOB scheme for PSU issues

Visakapatnam: Indian Overseas Bank (IOB) has devised a special financing scheme for the public to invest in the shares of public sector units (PSUs) such as NTPC, according to a bank release.

The interest rate for these loans will be 9.5 per cent and 60 per cent of the offer price, subject to a ceiling of Rs10 lakh per individual, can be taken from the bank, according to A J Prasad, senior regional manager.

There will be no pre-payment charges and no guarantee is required. The loans can be availed from the Dwarakanagar and Jagadamba branches in the city, and the Eluru and Kakinada branches.