Indian Overseas Bank to offer repo linked rate for new loans
Chennai-based public sector bank Indian Overseas Bank has decided to offer Repo Linked Lending Rate (RLLR) for the new loans sanctioned under retail segment (housing, Vehicle, Education and Clean loans) and micro & small enterprises.
IOB took the decision after RBI on September 4 advised banks to link all new floating rates for personal or retail loans (housing, auto, etc.,) and Micro and Small Enterprises extended by them. Image source: Reuters