New Delhi
In a statement, the bank said that loans linked to marginal cost of funds based lending rate (MCLR) will become cheaper.
IOB has also reduced its interest rate on loans linked to repo-linked lending rate (RLLR) from 7.25 per cent to 6.85 per cent per annum.
"Retail loans (housing, education, vehicle etc.), loans to micro, small enterprises and medium enterprises, which are linked to RLLR will now be available at cheaper rates," it said.
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