NEW DELHI: State-owned Indian Overseas Bank said it has reduced the MCLR across all tenors, except overnight and one month, with effect from Sunday.
The new MCLR rates come to effect from March 10, 2019, the bank said in a regulatory filing.
The one-year tenor marginal cost based lending rate (MCLR) has been brought down by 0.10 percentage point to 8.70 per cent, the bank said.
The one-year MCLR is the benchmark against which most of the consumer loans are priced by a lender.
Among others, two- and three-year MCLRs are reduced by 0.10 percentage point each to 8.80 per cent and 8.90 per cent, respectively.
The six-month MCLR will be priced at 8.50 per cent as against 8.60 per cent earlier while for three-month tenor it has been cut to 8.45 per cent from 8.50 per cent.
PTI, 3 Jan 2014
In an attempt to target prospective home buyers, public sector lenders – Indian Bank and Indian Overseas Bank are offering home loans at interest rates of 10.20 and 10.25 per cent, respectively.
“Indian Bank is offering home loans at 10.20 per cent across various slabs irrespective of the tenure for people looking forward to build homes,” the city-based bank said in a statement.
Similarly, Indian Overseas Bank, as part of targeting women customers, is offering housing loan at 10.25 per cent, irrespective of the tenure and loan amount under the banks’ Subha Gruha scheme.
For other borrowers, the interest rates have been fixed at 10.25 per cent for loans up to Rs 75 lakh and 10.50 per cent for loans above Rs 75 lakh, it said.
Both offers from the two banks are valid up to March 31, 2014, the statement added.