State-run Bank of Maharashtra has slashed its marginal cost of funds based lending rate (MCLR) by up to 10 basis points for select tenors effective Monday. Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10. Bank of Maharashtra has reduced its one-year and six-month MCLR to 7.30 per cent (from 7.40 per cent) and 7.25 per cent (from 7.30 per cent) respectively, it said in a release. For overnight, one-month and three-month tenors, the Pune-based lender’s MCLRs have been revised to 6.80 per cent, 7 per cent and 7.20 per cent respectively. In a filing to exchanges, IOB said its one-year MCLR has been revised to 7.55 per cent from 7.65 per cent, effective September 10. Three-month and six-month MCLRs have been cut to 7.45 per cent from 7.55 per cent.