Indian Overseas Bank cuts MCLR by 30 bps, to bring down interest on loans

Public sector lender, Indian Overseas Bank has cut the marginal cost of funds based lending rate (MCLR) by up to 0.30 per cent across all tenors, which will bring down the cost for consumer loans.

The benchmark one-year MCLR, against which most of the consumer and retail loans are priced, has been cut by 0.20 per cent from June 10, Indian Overseas Bank (IOB) said in a release on Sunday.

IOB reduced its interest rate on loans linked to MCLR by 30 basis points in overnight tenor and by 20 bps in one month to one year tenors.