IOB cuts MCLR by 10 basis points

Indian Overseas Bank (IOB) has announced a 10 basis point reduction in its Marginal Cost of Funds-Based Lending Rate (MCLR) across all tenors, effective July 15, 2025.

Listen to this article

The decision follows a recent review by the bank’s Asset Liability Management Committee (ALCO), which convened on July 14, said a statement.

The revised MCLR rates effective July 15, 2025, are as follows: the overnight rate has been reduced from 8.25% to 8.15%, the one-month rate from 8.50% to 8.40%, the three-month rate from 8.65% to 8.55%, the six-month rate from 8.90% to 8.80%, and the one-year rate from 9.10% to 9.00%.

This move comes shortly after the bank had reduced its Repo Linked Lending Rate (RLLR) by 50 basis points—from 8.85% to 8.35%—with effect from June 12, 2025.

The rate cut is expected to lower borrowing costs for retail and corporate customers.

Latest

HDFC Bank identifies 2 candidates for MD post

The bank has submitted the names of two candidates...

Navin’s forays into plotted development

The announcement was made at the company’s 37th anniversary...

Croma announces special prices for iPhone 17 Pro

Croma, a brand of Infiniti Retail Ltd, is continuing...

Army Design Bureau reviews Garuda’s drone ops

IPO-bound Garuda Aerospace said it used the visit to...

Newsletter

Don't miss

HDFC Bank identifies 2 candidates for MD post

The bank has submitted the names of two candidates...

Navin’s forays into plotted development

The announcement was made at the company’s 37th anniversary...

Croma announces special prices for iPhone 17 Pro

Croma, a brand of Infiniti Retail Ltd, is continuing...

Army Design Bureau reviews Garuda’s drone ops

IPO-bound Garuda Aerospace said it used the visit to...

Milky Mist’s new yoghurt plant goes on stream

In a statement, the company said the new facility...

HDFC Bank identifies 2 candidates for MD post

The bank has submitted the names of two candidates in order of preference and the remuneration proposed to be paid to them, for a...

Navin’s forays into plotted development

The announcement was made at the company’s 37th anniversary celebration, themed ‘Beyond 37 – Past, Present & Future’, in Chennai. The company said the entry...

Croma announces special prices for iPhone 17 Pro

Croma, a brand of Infiniti Retail Ltd, is continuing to sell the iPhone 17 Pro and iPhone 17 Pro Max with special offers, including...