New Delhi: Chennai-based public sector bank Indian Overseas Bank (IOB) Sunday said that it has reduced its interest rate on loans linked to MCLR by 30 basis points (bps) in overnight tenor and by 20 bps in one month to one year tenors with effect from June 10.
In a statement, the bank said that loans linked to marginal cost of funds based lending rate (MCLR) will become cheaper.
IOB has also reduced its interest rate on loans linked to repo-linked lending rate (RLLR) from 7.25 per cent to 6.85 per cent per annum.
“Retail loans (housing, education, vehicle etc.), loans to micro, small enterprises and medium enterprises, which are linked to RLLR will now be available at cheaper rates,” it said.