Money & Banking

IOB cuts interest rates on loans

?OUR BUREAU Chennai | Updated on June 08, 2020

Chennai-headquartered Indian Overseas Bank has reduced interest rates on loans linked to MCLR by 30 basis points in overnight tenor and by 20bps in the one month to one year tenors effective June 10.

Hence, loans linked to MCLR will become cheaper, said a statement of the public sector bank.

The bank has also reduced its interest rate on loans linked to repo rate from 7.25 per cent to 6.85 per cent per annum.

Retail loans (housing, education, vehicle) to micro and small enterprises and medium enterprises, which are linked to the repo rate, will now be available at cheaper rates, it said.

Published on June 08, 2020

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