IOB slashes interest rates by 2% on consumer durable loans

Public sector Indian Overseas Bank has slashed its interest rates on consumer durable loans by 200 basis points to 13.25% from 15.25% earlier with immediate effect.

 

"...Interest rates have been slashed by 200 basis points from current interest rate of 15.25% to 13.25% 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% over previous close in BSE.