Indian Overseas Bank Reduces Interest Rate on Loans

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Indian Overseas Bank Reduces Interest Rate on Loans


Chennai, March 31, 2020 - 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.
Bank has also, inter alia, reduced the 1 year MCLR from existing 8.45% to 8.25% wef 10.04.2020.
 

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