PTI, 14 Mar 2019
State-owned Corporation Bank Thursday announced a cut in its benchmark lending rate by 0.05 percentage points, a move that would make home, auto and other loans cheaper.
The bank has reduced the lending rate by 5 basis points (0.05 percentage point) across all tenors up to one year.
The new rates are effective from March 15, Corporation Bank said in a regulatory filing.
The marginal cost of funds based lending rate (MCLR) for overnight and one-month tenors would be 8.05 per cent and 8.20 per cent, respectively, it said.
The MCLR for one-year tenor was slashed to 8.90 per cent from 8.95 per cent. Most of the retail loans are benchmarked against one-year MCLR.
NEW DELHI: State-owned Indian Overseas Bank said it has reduced the MCLR across all tenors, except overnight and one month, with effect from Sunday.
The new MCLR rates come to effect from March 10, 2019, the bank said in a regulatory filing.
The one-year tenor marginal cost based lending rate (MCLR) has been brought down by 0.10 percentage point to 8.70 per cent, the bank said.
The one-year MCLR is the benchmark against which most of the consumer loans are priced by a lender.
Among others, two- and three-year MCLRs are reduced by 0.10 percentage point each to 8.80 per cent and 8.90 per cent, respectively.
The six-month MCLR will be priced at 8.50 per cent as against 8.60 per cent earlier while for three-month tenor it has been cut to 8.45 per cent from 8.50 per cent.