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Indian Overseas Bank MCLR Rates, Indian Overseas Bank Base Rate – Jul 2021

Indian Overseas Bank MCLR Rate

Last Updated 15th Jun 2021

Current MCLR rate of Indian Overseas Bank ranges from 6.85% to 7.45% varying by reset frequency of the loan. Indian Overseas Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR IOB Rate Today
Overnight 6.85%
1 Month 6.85%
3 Month 7.40%
6 Month 7.40%
1 Year 7.45%
2 Year 7.45%
3 Year 7.45%
IOB Base Rate 9.45%
Apply for Home Loan @ 6.65% *

Indian Overseas Bank Interest Rates

Indian Overseas Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 7.05% * Floating Detail
Loan Against Property Rates 9.75% * Floating Detail
Personal Loan Interest Rates 10.80% to 10.80% Detail
Business Loan Interest Rates 11.00% to 15.00% Detail
Fixed Deposit Interest Rates 3.40% to 5.20% Detail
RD Interest Rates 5.75% to 6.80% Detail

MCLR of Indian Overseas Bank

Indian Overseas Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Indian Overseas Bank as announced on 10 Nov 2020 are:

  • Overnight MCLR Rate is 6.85%.
  • 1 Month MCLR Rate is 6.85%.
  • 3 Month MCLR Rate is 7.40%.
  • 6 Month MCLR Rate is 7.40%.
  • 1 Year MCLR Rate is 7.45%.
  • 2 Year MCLR Rate is 7.45%.
  • 3 Year MCLR Rate is 7.45%.
  • 5 Year MCLR Rate is 0.00%.

Indian Overseas Bank MCLR Rate Trend

Date Indian Overseas Bank MCLR
10th Nov 20 Overnight : 6.85%
1 Month : 6.85%
3 Month : 7.40%
6 Month : 7.40%
1 Year : 7.45%
2 Year : 7.45%
3 Year : 7.45%
10th Nov 20 Overnight : 6.85%
1 Month : 6.85%
3 Month : 7.40%
6 Month : 7.40%
1 Year : 7.45%
2 Year : 7.45%
3 Year : 7.45%
10th Oct 20 Overnight : 7.05%
1 Month : 7.35%
3 Month : 7.40%
6 Month : 7.40%
1 Year : 7.50%
2 Year : 7.50%
3 Year : 7.50%
10th Sep 20 Overnight : 7.10%
1 Month : 7.40%
3 Month : 7.45%
6 Month : 7.45%
1 Year : 7.55%
2 Year : 7.55%
3 Year : 7.55%
10th Aug 20 Overnight : 7.20%
1 Month : 7.50%
3 Month : 7.55%
6 Month : 7.55%
1 Year : 7.65%
2 Year : 7.65%
3 Year : 7.65%
  • Effective 1st April 2016, Indian Overseas Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Indian Overseas Bank MCLR rates for different tenors range from 6.85% to 7.45%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Indian Overseas Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Indian Overseas Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, IOB may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Indian Overseas Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Indian Overseas Bank.
  • MCLR rate can be revised by Indian Overseas Bank every month. However, it is not mandatory for Indian Overseas Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Indian Overseas Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Indian Overseas Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.

Compare Indian Overseas Bank MCLR Rates with Other Banks

About Indian Overseas Bank

  • Indian Overseas Bank's registered office is located at 763 Anna Salai, Chennai-600002.
  • Indian Overseas Bank's management is led by its CEO Mr. Partha Pratim Sengupta.
  • Its current Base Rate is 9.45%, which was last revised on 01st Jul 17.

FAQs

What is the MCLR of Indian Overseas Bank?

Indian Overseas Bank MCLR ranges between 6.85% to 7.45% for a tenure ranging between 1 month to 5 years.

What is the current Indian Overseas Bank MCLR rate?

Current Indian Overseas Bank, overnight tenure is 6.85%, 1 month mclr is 6.85% , three month mclr is 7.40%, six month mclr is 7.40%, one year tenure is 7.45% and two year tenure is 7.45%.

What is Indian Overseas Bank base rate?

Currently, Indian Overseas Bank offers loans at a base rate of 9.45%.


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IOB News - Jul 2021
  • 2020-10-15 : Revised MCLR for Indian Overseas Bank
    With effect from 10 October 2020, Indian Overseas Bank revised its MCLR rate. The overnight, one month and three months MCLR is 7.05%, 7.35% and 7.40%, respectively. The Lending rate for the short tenor of six months is 7.40%. Further, MCLR for the long tenor of one year is 7.50%, it is 7.50% for two years and it stands at 7.50% for three years.
  • 2020-06-11 : Indian Overseas Bank revised its MCLR
    With effect from 10 June, 2020, Indian Overseas Bank changed its MCLR. Revised MCLR for an overnight tenure is 7.80%; for one month the MCLR is 7.95%, MCLR for three months is 8.05%, and for six months, it is 8.10%. For long tenures of one, two, and three years the revised MCLR stands at 8.15%, 8.20%, and 8.25%, respectively.
  • 2020-02-11 : New MCLR for Indian Overseas Bank
    With effect from 10 February 2020, Indian Overseas Bank revised its MCLR rate. The overnight, one month and three months MCLR is 7.80%, 7.95% and 8.35%, respectively. The Lending rate for the short tenor of six months is 8.40%. Further, MCLR for the long tenor of one year is 8.50%, it is 8.60% for two years and it stands at 8.70% for three years.
  • 2019-10-18 : Indian Overseas Bank revises lending rates for October
    Indian Overseas Bank revised its Marginal Cost of lending rates for October. Revised MCLR for an overnight tenure is 8.05%; for one month, the MCLR is 8.20%, MCLR for three months is 8.35%, and for six months, it is 8.40%. For long periods of one, two, and three years the revised MCLR is 8.50%, 8.60%, and 8.70%, respectively.
  • 2019-04-11 : RBI rate cut leads to cheaper loans
    Following the repo rate cut by RBI, commercial banks including SBI and Indian Overseas Bank, have reduced their MCLR and home loan rates, effective from April 10. SBI has reduced its MCLR by 5 basis points across all tenors with the one-year MCLR coming down from 8.55% to 8.50% which will reduce the interest rate on home loans and other loans. While Indian Overseas Bank also reduced its interest rate on loans by 5 basis points for tenures of 1 year and above effective from April 10.
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