Public sector Indian Overseas Bank (IOB) has cut MCLR by 0.10 per cent on all tenured loans. This deduction will be applicable from 10 August. In the information sent to the stock markets, the bank said that the one-year MCLR has been reduced from 7.75 to 7.65 per cent. The MCLR for one day loan has been reduced from 7.30 to 7.20 percent and the six month MCLR has been reduced from 7.65 to 7.55 percent.
The IOB has reduced the two-year MCLR from 7.75 to 7.65 per cent. The Chennai headquartered bank has also announced to reduce its base rate from 9.45 to 9.35 per cent. This deduction will be applicable from 10 August.
The public sector UCO Bank (UCO Bank) has reduced the MCLR by 0.10 percent for all tenured loans. UCO Bank said on Friday that the revised lending rates will be effective from August 10. This will make the bank’s MCLR linked loan cheaper. The bank said that the one-year MCLR will now come down to 7.40 per cent. Right now it is 7.50 percent. Similarly, the three-month and six-month MCLR has also been reduced to 7.05 percent and 7.30 percent respectively.
