New Delhi: Two public sector banks, Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB), have given a cut in loan interest rates. This will not only make the new loan cheaper but also reduce the EMI of existing customers home loan, auto loan. In fact, Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB) have reduced their selected period MCLR by 0.10 per cent. BoM’s revised rates come into effect from Monday.
According to a statement issued by Bank of Maharashtra (BoM), the bank has reduced MCLR from 7.40 per cent to 7.30 per cent and 7.30 per cent to 7.25 per cent, respectively, on one-year and six-month loans. The new bank rates have come into effect from Monday. Bank of Maharashtra has revised the MCLR for one day, one month and three months loans to 6.80 per cent, 7 per cent and 7.20 per cent respectively.
Indian Overseas Bank (IOB) told the stock market that it has reduced MCLR by 0.10 per cent for all term loans. The MCLR of the bank’s one-year loan has been reduced to 7.55 per cent (earlier 7.65), three-month and six-month MCLR to 7.45 per cent and 7.55 respectively. The bank’s new rates will be effective from September 10.