Business

BoI, IOB reduce lending rates

Public sector lenders Bank of India (BoI) and Indian Overseas Bank (IOB) have announced a change in their lending rates. BoI has revised its overnight Marginal Cost of Lending Rate (MCLR) by 15 basis points and one year MCLR by 5 basis points. BoI has revised its overnight MCLR to 7.95% and one-year rate to 8.30% with effect from October 10.

In a separate statement, IOB said it would reduce the interest rates for loans applicable to the retail segment and micro and small enterprises by 25 basis points to 8%. The repo linked lending rate (RLLR) would come into force from November 1.

In October, IOB had fixed the RLLR at 8.25% for loans availed under the retail heads, such as for housing, vehicles, education and clean loans, as well as for micro and small enterprises.

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Printable version | May 30, 2020 11:50:41 AM | https://www.thehindu.com/business/boi-iob-reduce-lending-rates/article29649804.ece

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