Indian Overseas Bank (IOB) announced a reduction of 10 basis points (bps) in its Marginal Cost of Funds based Lending Rate (MCLR) across all tenors, effective from July 15, 2025.
The decision was taken at the meeting of the bank’s Assets and Liabilities Management Committee held on July 14, 2025. The revised MCLR rates are as follows:
| Tenor | Existing MCLR (%) | Change (bps) | Revised MCLR (%) |
|---|---|---|---|
| Overnight | 8.25 | -10 | 8.15 |
| One Month | 8.50 | -10 | 8.40 |
| Three Months | 8.65 | -10 | 8.55 |
| Six Months | 8.90 | -10 | 8.80 |
| One Year | 9.10 | -10 | 9.00 |
| Two Years | 9.10 | -10 | 9.00 |
| Three Years | 9.15 | -10 | 9.05 |
The bank stated that these revised rates will remain in effect until further review.
This reduction in MCLR is expected to provide some relief to borrowers by lowering the cost of loans linked to MCLR benchmarks.
Disclaimer: The information provided is based on exchange filings and is for informational purposes only. Please verify with official sources or consult a financial advisor before making any borrowing or investment decisions. The author or publisher is not responsible for any actions taken based on this information.
