IOB reduces interest rates on loans
Posted on: 24/Oct/2017 11:38:51 AM
The banks fix the loan interest ratio rates based on the MCSR. Accordingly, the Indian Overseas Bank (IOB) has reduced the MCSR ratio for 3 months by 35 basis points, the MCSR ratio for 6 months by 30 basis points, and the MCSR ration for 1-3 years period by 15 basis points.
In simpler terms, the yearly MCSR interest rate has been reduced from 8.55% to 8.40%. The MCSR interest rate for 3 and 6 months is reduced to 8.10% and 8.20% respectively.
As per this revision, the new housing loans will attract an interest rate of 8.40% for loans up to Rs. 30 Lakhs. As compared to the September rates, the basic points are down by 15 points. As per the announcements released by the Indian Overseas Bank, this new interest rate ration will be effective from 10th October.
Further, IOB has also announced that there will be no processing charges for the loan schemes such as Subagraha scheme, NRI Housing Loan, renovation or refurnishing loans for houses, and the vehicle loan as a special festive season offer from 3rd October to 31st January.
