Chennai, Oct 11 (KNN) Indian Overseas Bank (IOB) will reduce the interest rates for Micro, Small and Medium Enterprises (MSMEs) and retail custimers by 25 bps with effect from November 1.

According to a statement by IOB, the bank will reduce the interest rate applicable for retail segment - housing, vehicle, education, micro small and medium enterprises by 25 basis points and the revised repo linked lending rate would be eight per cent from existing 8.25 per cent with effect from November 1

Earlier in October, IOB had linked Repo Linked Lending Rate (RLLR) to its loans to be sanctioned under Retail segment (Housing, Vehicle, Education and Clean loans) and Micro & Small Enterprises.

The decision to revise the lending rates follows the Apex bank recent announcement to cut the interest rates by 25 bps for a record fifth straight time as it moved aggressively to revive economic growth.

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