Indian Overseas Bank is planning to offer consumer loans linked with the Reserve Bank of India’s (RBI's) repo rate from October 01, 2019. The bank has decided to offer Repo Linked Lending Rate (RLLR) for new loans sanctioned under retail segment -- housing, vehicle, education and clean loans -- and MSMEs from October 1.
The RBI through a notification in early September had advised banks to link all new floating rate for personal or retail loans and MSMEs to one of the external benchmarks.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
