On Wednesday, the Indian Overseas Bank (IOB) and Bank of Maharashtra (BOM) cut the MCLR. In the information sent to the stock market, IOB said that the bank has made changes in the MCLR from 10 May 2020 till the next review.

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Indian Overseas Bank has reduced the MCLR from 0.10 percent to 8.15 percent in a period of one year. The reduced rate will be applicable from 10 May. The MCLR rate of one-year duration is the main base rate for loans like personal, car and home loans.

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Apart from this, in the information sent to the Bombay Stock Exchange by the IOB, the bank has said that the interest rate will be reduced from the current 8.10 per cent to 8.05 per cent for a period of three months and the interest rate will be reduced from the current 8.15 to 8.10 per cent for a period of six months. The bank has said that the interest rate on the loan for a period of one year will be reduced from 8.25 per cent to 8.15 per cent, while it will be reduced from 8.30 per cent to 8.20 per cent for a period of two years.

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