Indian Overseas Bank MCLR Rates, Indian Overseas Bank Base Rate – Feb 2019
Indian Overseas Bank MCLR Rate
Current MCLR rate of Indian Overseas Bank ranges from 8.15% to 9.00% 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 tenor.
Tenure wise MCLR | IOB Rate Today |
---|---|
Overnight | 8.15% |
1 Month | 8.30% |
3 Month | 8.50% |
6 Month | 8.60% |
1 Year | 8.80% |
2 Year | 8.90% |
3 Year | 9.00% |
IOB Base Rate | 9.45% |
Indian Overseas Bank Interest Rates
Indian Overseas Bank Interest Rates
Home Loan Interest Rates | 8.70% * Floating | Detail |
Loan Against Property Rates | 10.90% * Floating | Detail |
Personal Loan Interest Rates | 12.70% to 15.25% | Detail |
Business Loan Interest Rates | 14.90% to 15.25% | Detail |
Fixed Deposit Interest Rates | 4.50% to 6.80% | 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 Jan 2019 are:
- Overnight MCLR Rate is 8.15%. The rate was last revised on 10 Jan 2019 to 8.15% from 8.10%
- 1 Month MCLR Rate is 8.30%. The rate was last revised on 10 Jan 2019 to 8.30% from 8.25%
- 3 Month MCLR Rate is 8.50%. The rate was last revised on 10 Jan 2019 to 8.50% from 8.45%
- 6 Month MCLR Rate is 8.60%. The rate was last revised on 10 Jan 2019 to 8.60% from 8.55%
- 1 Year MCLR Rate is 8.80%. The rate was last revised on 10 Jan 2019 to 8.80% from 8.75%
- 2 Year MCLR Rate is 8.90%. The rate was last revised on 10 Jan 2019 to 8.90% from 8.85%
- 3 Year MCLR Rate is 9.00%. The rate was last revised on 10 Jan 2019 to 9.00% from 8.95%
Indian Overseas Bank MCLR Rate Trend
Date | Indian Overseas Bank MCLR |
---|---|
10th Jan 19 | Overnight : 8.15% 1 Month : 8.30% 3 Month : 8.50% 6 Month : 8.60% 1 Year : 8.80% 2 Year : 8.90% 3 Year : 9.00% |
10th Nov 18 | Overnight : 8.10% 1 Month : 8.25% 3 Month : 8.45% 6 Month : 8.55% 1 Year : 8.75% 2 Year : 8.85% 3 Year : 8.95% |
10th Nov 18 | Overnight : 8.10% 1 Month : 8.25% 3 Month : 8.45% 6 Month : 8.55% 1 Year : 8.75% 2 Year : 8.85% 3 Year : 8.95% |
10th Oct 18 | Overnight : 8.05% 1 Month : 8.20% 3 Month : 8.40% 6 Month : 8.50% 1 Year : 8.70% 2 Year : 8.80% 3 Year : 8.90% |
10th Sep 18 | Overnight : 8.05% 1 Month : 8.20% 3 Month : 8.40% 6 Month : 8.50% 1 Year : 8.70% 2 Year : 8.80% 3 Year : 8.90% |
10th Aug 18 | Overnight : 8.05% 1 Month : 8.15% 3 Month : 8.35% 6 Month : 8.45% 1 Year : 8.65% 2 Year : 8.75% 3 Year : 8.85% |
10th Jun 18 | Overnight : 8.00% 1 Month : 8.10% 3 Month : 8.30% 6 Month : 8.40% 1 Year : 8.60% 2 Year : 8.70% 3 Year : 8.80% |
10th Apr 18 | Overnight : 7.95% 1 Month : 8.05% 3 Month : 8.20% 6 Month : 8.30% 1 Year : 8.50% 2 Year : 8.60% 3 Year : 8.70% |
10th Feb 18 | Overnight : 7.90% 1 Month : 8.00% 3 Month : 8.10% 6 Month : 8.20% 1 Year : 8.40% 2 Year : 8.50% 3 Year : 8.60% |
10th Nov 17 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.20% 1 Year : 8.40% 2 Year : 8.50% 3 Year : 8.60% |
10th Oct 17 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.20% 1 Year : 8.40% 2 Year : 8.50% 3 Year : 8.60% |
08th Sep 17 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.55% 2 Year : 8.65% 3 Year : 8.75% |
05th Jul 17 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.55% 2 Year : 8.65% 3 Year : 8.75% |
10th May 17 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.55% 2 Year : 8.65% 3 Year : 8.75% |
07th Jan 17 | Overnight : 8.45% 1 Month : 8.50% 3 Month : 8.55% 6 Month : 8.60% 1 Year : 8.65% 2 Year : 8.75% 3 Year : 8.85% |
01st Oct 16 | Overnight : 9.30% 1 Month : 9.35% 3 Month : 9.40% 6 Month : 9.45% 1 Year : 9.50% 2 Year : 9.60% 3 Year : 9.70% |
01st Jul 16 | Overnight : 9.35% 1 Month : 9.40% 3 Month : 9.45% 6 Month : 9.50% 1 Year : 9.55% 2 Year : 9.65% 3 Year : 9.75% |
01st Apr 16 | Overnight : 9.50% 1 Month : 9.55% 3 Month : 9.60% 6 Month : 9.65% 1 Year : 9.70% 3 Year : 9.80% 5 Year : 9.90% |
30th Nov -1 | Overnight : 7.95% 1 Month : 8.05% 3 Month : 8.20% 6 Month : 8.30% 1 Year : 8.50% 2 Year : 8.60% 3 Year : 8.70% |
- 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 8.15% to 9.00%.
- 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 1 Year 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.
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.
- Your loan from Indian Overseas Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. Indian Overseas Bank home loan rate is benchmarked to 1 Year MCLR Base Rate which will be repriced after 1 Year. Say, you take a loan from IOB at current 1 Year MCLR rate of 8.80% plus spread of 20 bps. So, the loan will initially be priced at 9%. Its next re-pricing will be done after 1 Year from now. If the 3 Month MCLR rate after 1 Year increases by 10 bps, the loan will be priced at 9.1% for the next period.
Compare MCLR Rate Movement
Compare Indian Overseas Bank MLCR Rates with Other Banks
- Allahabad Bank
- Andhra Bank
- AU Small Finance Bank
- Axis Bank
- Bajaj Finserv
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Citibank
- Corporation Bank
- DBS Bank
- DCB Bank
- Dena Bank
- Dhan Laxmi Bank
- DHFL
- Edelweiss
- Equitas Small Finance Bank
- Federal Bank
- GIC Housing Finance
- HDFC
- HDFC Bank
- HSBC Bank
- ICICI Bank
- IDBI Bank
- IDFC Bank
- IIFL
- Indiabulls
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu And Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Bank
- Lakshmi Vilas Bank
- LIC Housing Finance
- LT Housing Finance
- OBC
- PNB
- PNB Housing Finance
- Punjab and Sind Bank
- RBL Bank
- SBI
- South Indian Bank
- Standard Chartered Bank
- Syndicate Bank
- UCO Bank
- Ujjivan
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Yes Bank
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 10.25%, which was last revised on 05th Oct 15.