Indian Overseas Bank (IOB) has announced a revision in its Marginal Cost of Funds-based Lending Rates (MCLR), effective January 15, 2025. The decision was taken by the bank’s Assets and Liabilities Management Committee in a meeting held on January 10, 2025.
Key Changes in MCLR:
- Three-Month MCLR: Increased by 5 basis points (bps) to 8.65% from 8.60%.
- Six-Month MCLR: Increased by 5 bps to 8.90% from 8.85%.
- One-Year MCLR: Increased by 5 bps to 9.10% from 9.05%.
- Two-Year MCLR: Increased by 10 bps to 9.10% from 9.00%.
Other Tenors:
- Overnight and One-Month MCLR: Remain unchanged at 8.25% and 8.50%, respectively.
- Three-Year MCLR: Remains unchanged at 9.15%.
This revision in lending rates aligns with the bank’s periodic review to adjust rates based on the marginal cost of funds, ensuring competitive pricing for its customers.
The revised rates will apply to all new and existing loans linked to MCLR, starting January 15, 2025.
