Public sector lender Indian Overseas Bank (IOB), on Tuesday, announced that it has reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points on loans for one year and above tenors.
The rate change will come into effect from April 10, a press statement from the bank said. According to the revised rates, the MCLR for loans above one-year tenor stands at 8.65 per cent, while rates for two- and three-year loans stand at 8.75 per cent and 8.85 per cent, respectively