Indian Overseas Bank Lending Rate: Indian Overseas Bank has revised the lending rate for its customers to 7.25 percent now.
Indian Overseas Bank Lending Rate: There is an important news for the customers of Indian Overseas Bank. The bank has revised its external benchmark linked lending rate. The bank said that the lending rate has now been revised to 7.25 percent. The new rates will be applicable from May 10.
Bank gave information
“Our bank has revised the Repo Linked Lending Rate (RLLR) to 7.25 per cent (ie 4.40 per cent +2.85 per cent = 7.25 per cent),” state-run IOB said in an exchange filing.
These banks also made changes
Earlier, many more banks including ICICI Bank, Bank of Baroda, HDFC Bank, Canara Bank, Bank of Maharashtra, Karur Vysya Bank have also revised their MCLR and repo rate linked interest rates.
RBI changed the repo rate
Let us inform that earlier the Reserve Bank of India (RBI) had increased the interest rates by 0.40 percent after its MPC meeting. RBI increased the repo rate to 4.40 percent and the cash reserve ratio by 0.50 percent to 4.50 percent. After this decision of the Reserve Bank, many banks have revised their interest rates.
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