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Indian overseas Bank reduces interest rates on loan

Date: 09 June 2020 Tags: miscellaneous
  • 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.