Indian Overseas Bank gave relief to crores of customers, home loan interest rates reduced

Indian Overseas Bank Home Loan Rates: Indian Overseas Bank (IOB) has given relief to its crores of customers. IOB has reduced its rates related to home loan, car loan and personal loan. Now the EMI of the home loan of customers will be reduced. Giving relief to customers, the Indian Overseas Bank has cut a 10 basis point in the Marginal Cost of Funds based Lending Rate (MCLR) for all loan periods. These new rates have come into force from 15 July 2025.

The bank’s asset liability management committee (ALCO) took this decision in a meeting held on 14 July. Earlier on June 12, the bank had reduced the repo linked lending rate (RLR) from 8.85% to 8.35%, causing the loans to become cheaper than before.

Indian Overseas Bank’s new MCLR rates

Overnight MCLR: reduced from 8.25% to 8.15%

1-Ma Maa MCLR: reduced from 8.50% to 8.40%

3 months MCLR: reduced from 8.65% to 8.55%

6 months MCLR: reduced from 8.90% to 8.80%

1 year MCLR: reduced from 9.10% to 9.00%

This deduction will directly benefit the bank’s retail and corporate borrowers. This can reduce their EMI and it can be cheaper to take loans.

Indian Bank also decided

Along with this initiative of Indian Overseas Bank, another government bank Indian Bank has also abolished the charge for not having minimum balance on all savings accounts from 7 July. Apart from this, the bank has cut a one -year MCLR rate from July 3 to 9.00%. This initiative of both banks is considered important to make loans cheap and give relief to customers, especially at a time when people are expecting relief from inflation.