by 30 basis points in overnight tenor and by 20 bps in one month to one year tenors.
Hence, loans linked to MCLR
will become cheaper, said the Chennai-based state-owned bank.
The bank has also reduced its interest rate on loans linked to Repo Linked Lending rate (RLLR) from 7.25 per cent to 6.85 per cent per annum, IOB said.
Retail loans (housing, education, vehicle, etc) and credit to micro, small and medium enterprises (MSMEs), which are linked to RLLR, will now be available at cheaper rates, it added.