2017-10-23 :Indian Overseas Bank revises MCLR rates
Indian Overseas Bank has reduced its marginal cost based lending rate (MCLR) across all tenors. For overnight the rate has been revised to 8%, for one month maturities, the rate has been revised to 8.05%, while for three month and six month maturities the rate has been reduced to 8.10% and 8.20%, respectively. For one year maturities, it is 8.40%, for 2 year it is 8.5%, while for 3 year it is at 8.6%. The new MCLR rates are effective from 10th October, 2017.
2017-10-04 :IOB waives processing fee on vehicle, home loans
Indian Overseas Bank has announced full waiver of processing fee on vehicle and housing loans as part of its festive offer for retail consumers. This offer is valid from October 3,2017 to January 31, 2018. IOB also does not levy prepayment penalty on any of its retail loans.
2017-08-18 :IOB organises ‘Retail Utsav’ in Delhi
Indian Overseas Bank (IOB) has organised a ‘Retail Utsav’ across all its bank branches in Delhi. In its statement, the bank has told that it has sanctioned approximately Rs. 44 crore under various retail and MSME loans scheme to its bank customers at the function. Meanwhile, the bank also plans to lend greater focus on retail lending to cater to increased demand from customers.
2017-08-11 :IOB cuts losses to Rs. 499 crore in first quarter
Indian Overseas Bank has significantly reduced its net losses to Rs. 499 crore during the first quarter of FY18 as against Rs. 1,450 crore during the corresponding quarter of the previous fiscal year. The bank has managed to cut the losses due to increase in the recovery of NPA accounts.
2017-08-02 :IOB to strengthen lending to mid corporates, jewellery loans segment
In a bid to drive its income growth, Indian Overseas Bank (IOB) is setting its target to refocus on low risk mid corporates and jewellery loan segment. For this purpose, the bank has also undertaken several initiatives in these segments to further improve its profit. Meanwhile, the bank also aims to focus on its housing loan segment as a part to transform its retail lending.
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