Indian Overseas Bank Reduces Interest rate on Loans

Indian Overseas Bank Reduces Interest rate on Loans

Taking a cue from the latest measures announced by Reserve Bank of India and to support growth of Economy, Indian Overseas Bank, Chennai based public sector bank reduced its interest rate on loans (MCLR) ranging from 5 basis points to 10 basis points in various tenors.

Hence, various loans like Housing Loan, Vehicle Loan etc., will become cheaper. Revised interest rate on loans (MCLR) is detailed here under.

The revised MCLR will be effective from 10th March 2019.

 

TENOR

MCLR %

OVERNIGHT

8.15%

1 MONTH

8.30%

3 MONTHS

8.45%

6 MONTHS

8.50%

1 YEAR

8.70%

2 YEARS

8.80%

3 YEARS

8.90%