Indian Overseas Bank MCLR Rates, Indian Overseas Bank Base Rate – Jul 2017
Last Updated 26th Jul 2017
Indian Overseas Bank MCLR Rate – Current Rate, Past Trend
Current MCLR of Indian Overseas Bank ranges from 8.35% to 8.75% depending on the reset frequency of the loan. Rates are revised every month.
| Indian Overseas Bank MCLR, Base Rate | Tenure |
|---|---|
| 8.35% | Overnight |
| 8.40% | 1 Month |
| 8.45% | 3 Month |
| 8.50% | 6 Month |
| 8.55% | 1 Year |
| 8.65% | 2 Year |
| 8.75% | 3 Year |
| Base rate - 9.50% | Past Trend |
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
Revised
Date
Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year
MCLR
MCLR
2 Year
MCLR
MCLR
3 Year
MCLR
MCLR
5 Year
MCLR
MCLR
05th Jul 17
8.35%
8.40%
8.45%
8.50%
8.55%
8.65%
8.75%
-
10th May 17
8.35%
8.40%
8.45%
8.50%
8.55%
8.65%
8.75%
-
07th Jan 17
8.45%
8.50%
8.55%
8.60%
8.65%
8.75%
8.85%
-
01st Oct 16
9.30%
9.35%
9.40%
9.45%
9.50%
9.60%
9.70%
-
01st Jul 16
9.35%
9.40%
9.45%
9.50%
9.55%
9.65%
9.75%
-
01st Apr 16
9.50%
9.55%
9.60%
9.65%
9.70%
-
9.80%
9.90%
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 8.35% to 8.75% 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% | |
| 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% | |
| 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 Thane Industrial Area,.
- 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.
