Indian Overseas Bank Reduces Lending Rates
Indian Overseas Bank has announced a 50 basis point reduction in its Marginal Cost of Funds-based Lending Rates, effective immediately. This change affects all loan tenures, with rates now ranging from 8.15% to 9%. Consumers with loans linked to this benchmark will benefit from the lower rates.
- Country:
- India
Indian Overseas Bank has lowered its lending rates by 50 basis points across all tenures, according to an announcement made by the bank on Wednesday. The revision impacts the Marginal Cost of Funds-based Lending Rates (MCLR) and is effective immediately.
At a meeting held on July 14, the bank's Asset Liability Management Committee (ALCO) reviewed the existing MCLR and decided to implement the reduction from July 15. The revised MCLR for overnight tenure is now set at 8.15%, down from 8.25%.
The one-month tenure MCLR has been adjusted to 8.40%, while the rates for three, six, and 12-month tenures have been lowered to 8.55%, 8.80%, and 9% respectively. These changes are expected to benefit borrowers with loans linked to this benchmark rate, such as auto and personal loans.
(With inputs from agencies.)
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