IOB slashes interest rates by 2% on consumer durable loans
Chennai: Public sector Indian Overseas Bank has slashed its interest rates on consumer durable loans by 200 basis points to 13.25 percent from 15.25 percent earlier with immediate effect.
"...Interest rates have been slashed by 200 basis points from current interest rate of 15.25 percent to 13.25 percent with immediate effect on easy terms and conditions," city- headquartered Indian Overseas Bank said in a statement.
Meanwhile, aimed at cashing on the forthcoming festive season, the bank has launched a new personal loan scheme for salaried class towards purchase of consumer durables, it added.
Shares of the bank ended at Rs 48.95 apiece up by 1.56 percent over previous close in BSE.