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Indian Overseas Bank reduces interest rate on loans

Indian Overseas Bank reduces interest rate on loans

India Blooms News Service | @indiablooms | 31 Mar 2020, 01:43 pm

Chennai/IBNS Chennai based public sector bank, Indian Overseas Bank, consequent to change in Repo rate by RBI, has reduced the repo linked lending rate (RLLR) by 75 bps.

IOB’s Repo linked lending rate will come down from the existing level of 8.00% to 7.25 % per annum wef 01.04.2020.

"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," read a statement issued by the bank.

Bank has also, inter alia, reduced the 1 year MCLR from existing 8.45% to 8.25% wef 10.04.2020.