Indian Overseas Bank reduces interest rate on Loans

Indian Overseas Bank reduces interest rate on Loans

Chennai, April 9, 2019 - Taking a cue from the latest policy 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) by 5 basis points in One Year and above tenors wef 10.04.2019.

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

The revised MCLR will be effective from 10th April 2019

 

TENOR

MCLR

Overnight

8.15%

1 Month

8.30%

3 Months

8.45%

6 Months

8.50%

1 Year

8.65%

2 Years

8.75%

3 Years

8.85%