Indian Overseas Bank Slashes Lending Rates

Indian Overseas Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across various tenors. The overnight MCLR is now 8.15%, down from 8.25%. This reduction aims to offer relief to borrowers with loans linked to this benchmark, like auto and personal loans.

In a significant move, Indian Overseas Bank announced a reduction in its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across all tenors, effective immediately.

The decision, confirmed by the Asset Liability Management Committee at a meeting on July 14, aims to alleviate the financial burden on borrowers.

Revised rates include an 8.15% overnight MCLR, down from 8.25%, and reduced rates for one-month, three-month, six-month, and 12-month tenors, benefiting customers tied to auto and personal loans.

(With inputs from agencies.)