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 hereunder.
The revised MCLR has been made effective from 10th April 2019.
For Tenor – Overnight, 1 month, 3 months, 6 months, 1 year, 2 years, 3 years; the respective MCLR will be 8.15%, 8.30%, 8.45%, 8.50%, 8.65%, 8.75% and 8.85%