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Indian Overseas Bank (IOB) will offer repo-linked lending rates (RLLR) for all new loans sanctioned under the retail segment (housing, vehicle, education and clean loans) and micro and small enterprises, effective from October 10.
Banks are to link their retail loans to any of the three external benchmarks, the repo rate, three-month or six-month T-bills yields, or any other external benchmark. IOB will now link interest rates with repo rate for loans in the above-mentioned segments, and all new loans under these categories will be offered with RLLR.
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