CHENNAI:
Chennai based public sector bank, Indian Overseas Bank , reduced its interest rate on loans linked to MCLR by 30 basis points in overnight tenor and by 20bps in one month to one year tenors w.e.f 10.06.2020. Hence, Loans linked to MCLR will become cheaper.
The bank has also reduced its interest rate on loans linked to repo Linked Lending rate (RLLR) from 7.25% to 6.85%per annum. Retail loans (Housing, Education, Vehicle etc.) loans to Micro and Small enterprises and Medium enterprises, which are linked to RLLR will now be available at cheaper rates.
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