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Indian Overseas Bank MCLR Rates, Indian Overseas Bank Base Rate – Apr 2017

Last Updated 19th Apr 2017

Indian Overseas Bank MCLR Rate – Current Rate, Past Trend

Current MCLR of Indian Overseas Bank ranges from 8.45% to 8.85% depending on the reset frequency of the loan. Rates are revised every month.

Indian Overseas Bank MCLR, Base Rate Tenure
8.45% Overnight
8.50% 1 Month
8.55% 3 Month
8.60% 6 Month
8.65% 1 Year
8.75% 2 Year
8.85% 3 Year
Base rate - 9.50% Past Trend
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Indian Overseas Bank Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 12.15% * Floating Detail
Personal Loan Interest Rates 12.70% * Detail
Fixed Deposit Interest Rates 4.00% to 6.75% * Detail

Past Trend MCLR Rate of Indian Overseas Bank

Indian Overseas Bank MCLR Rate History

Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year
2 Year
3 Year
5 Year
07th Jan 17
01st Oct 16
01st Jul 16
01st Apr 16

Indian Overseas Bank MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Indian Overseas Bank decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR Rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Indian Overseas Bank has different MCLR base rates ranging from 8.45% to 8.85% for different tenures

Changes in MCLR of Indian Overseas Bank

  • MCLR rate can be revised by Indian Overseas Bank every month
  • Note that 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

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, overnight loans) are linked to shorter duration 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
  • Your loan from Indian Overseas Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of Indian Overseas Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.70%. This loan will initially be priced at 10.2%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.45%, the loan will be priced at 9.95% for the next year

Past trend of Indian Overseas Bank Base Rate vs RBI Repo Rate

Date RBI Rates Bank Rates
01st Apr 17 9.50%
08th Feb 17 0%
07th Dec 16 0%
04th Oct 16 0.25%
05th Apr 16 0.25%
15th Oct 15 9.70% 0.2%
29th Sep 15 0.5%
20th Jul 15 9.90% 0.15%
02nd Jun 15 0.25%
18th May 15 10.05% 0.2%
04th Mar 15 0.25%
15th Jan 15 0.25%
28th Jan 14 0.25%
18th Dec 13 0%
29th Oct 13 0.25%
20th Sep 13 0.25%
03rd May 13 0.25%
19th Mar 13 0.25%
18th Feb 13 10.25% 0.25%
29th Jan 13 0.25%
01st May 12 10.50% 0.25%
17th Apr 12 0.5%
25th Oct 11 0.25%
16th Sep 11 0.25%
01st Aug 11 10.75% 0.5%
26th Jul 11 0.5%
01st Jul 11 10.25% 0.25%
16th Jun 11 0.25%
06th May 11 10.00% 0.5%
03rd May 11 0.5%
17th Mar 11 0.25%
01st Feb 11 9.50% 0.5%
25th Jan 11 0.25%
13th Dec 10 9.00% 0.5%
02nd Nov 10 0.25%
01st Oct 10 8.50% 0.25%
16th Sep 10 0.25%
27th Jul 10 0.25%
02nd Jul 10 0.25%
01st Jul 10 8.25%

Indian Overseas Bank Base Rate Vs. RBI Repo Rate Trend

About Indian Overseas Bank

  • Indian Overseas Bank's registered office is located at 763, Anna Salai Chennai (Madras) Tamil Nadu-600002.
  • Indian Overseas Bank's management is led by its CEO Mr. R. Koteeswaran.
  • Its current Base Rate is 9.50%, which was last revised on 01st Apr 17.

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News - Apr 2017
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