- Indian Overseas Bank reduced its interest rate on loans linked to MCLR by 30 basis points (bps) in overnight tenor and by 20 bps in one month to one -year tenors. Hence, loans linked to MCLR will become cheaper.
- The bank has also reduced its interest rate on loans linked to repo Linked Lending rate (RLLR) from 7.25 percent to 6.85 percent per annum.
- Retail loans (Housing, Education, Vehicle etc.), loans to Micro and Small enterprises and Medium enterprises, which are linked to RLLR will now be available at cheaper rates.