Money & Banking

IOB reduces MCLR by 5 bps

Our Bureau Chennai | Updated on October 08, 2020

Indian Overseas Bank will reduce the Marginal Cost of funds-based Lending Rate (MCLR) across all tenors by 5 bps, effective October 10, 2020. The loans linked to the MCLR will now be available at cheaper rates to the borrowers.

The bank did not reduce the deposit rates, despite reducing the MCLR, according to a statement.

Published on October 08, 2020

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