IOB slashes lending rates by up to 25 bps

• Indian Overseas Bank (IOB) reduced its lending rates, effective December 15, following the RBI's recent policy rate cut.
• IOB lowered its repo-linked lending rate (RLLR) by 25 basis points to 8.10% from 8.35%.
• The bank also trimmed its marginal cost of funds-based lending rate (MCLR) by 5 basis points across various tenures.
• These revisions will decrease borrowing costs for existing and new customers across retail, MSME, and corporate loan segments.
• State Bank of India (SBI) also cut its External Benchmark Linked Rate (EBLR) by 25 bps to 7.90% and MCLR by 5 bps.

Why It Matters: IOB and SBI rate cuts reduce borrowing costs for customers.