New Delhi, Apr 9 (UNI) Taking a cue from the latest policy measures announced by the Reserve Bank of India and to support growth of economy, the Indian Overseas Bank has reduced its interest rate on loans by 5 basis points in one year and above tenors effective April 10, 2019.
The Chennai-based public sector bank said on Tuesday that with the lower interest rates, various loans like housing loan, vehicle loan will become cheaper.
The revised Marginal Cost of Funds based Lending Rate (MCLR) will be effective from Wednesday.
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