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Indian Overseas Bank reduces interest rates on loans

Published : Sunday, 7 June, 2020 at 11:47 PM  Count : 707

Indian Overseas Bank reduces interest rates on loans

Indian Overseas Bank reduces interest rates on loans

Chennai-based public sector bank, Indian Overseas Bank, has reduced interest rates on loans linked to MCLR by 30 basis points (bps) overnight and 20 bps a month from June 10 for one year. Thus, loans linked to MCLR will become cheaper.

The bank has reduced the interest rate on loans associated with repo-linked ending payments (RLLRs) from 7.25 per cent to 6.8 per cent.

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.-Internet

GY

Related Topics

Loans   Trading   Bank  








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