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IOB announces MCLR cut, benefiting borrowers
India Overseas Bank (IOB) is dropping its lending rates by 10 basis points across all loan periods, starting July 15, 2025.
This follows a recent RBI move to lower the repo rate from 6% to 5.50%, making it cheaper for banks to borrow money—and hopefully, for you to pay back loans too.
Other banks are also adjusting rates
IOB's new Overnight MCLR is now 8.15%, and the One-Year MCLR sits at 9%.
Other major banks like HDFC and Bank of Baroda are also cutting their loan rates, while ICICI and HDFC have trimmed fixed deposit rates on some tenures.
The big picture: borrowing is getting a bit easier across the board, so if you're planning a loan or already have one, this could mean some welcome savings.