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Central Bank of India reduces MCLR by 5 bps

Central Bank of India reduces MCLR by 5 bps

Finance
Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10 per cent from 7.15 per cent, a release said. Overnight and one-month MCLRs have been reduced to 6.55 per cent from 6.60 per cent earlier. The new three-month and six month MCLR will stand at 6.85 per cent and 7 per cent, respectively. Last week, Union Bank of India reduced MCLR by 5 bps across all tenors. Its one-year MCLR was revised to 7.20 per cent from 7.25 per cent earlier. Chennai-headquartered public sector lender Indian Overseas Bank has cut its MCLR by 10 bps across all tenors, effective September 10. Bank of Maharashtra also slashed MCLR by 10 bps for select tenors, l...
Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Finance
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 ...
Central Bank of India cuts MCLR on loans by 40 bps across all tenors

Central Bank of India cuts MCLR on loans by 40 bps across all tenors

Finance
The Central Bank of India, announced on Tuesday, that it has reduced its marginal cost of funds-based lending rate (MCLR) on loans by 40 basis points (bps) across all tenors. (1 bps = 0.01 per cent) The new rates will be effective from April 15, 2020.After the reduction, the one-year MCLR rate now stands at 7.6 per cent a year, down from 8 per cent earlier.MCLR for various tenors with effect from April 15 Tenor MCLR Overnight 7.05% 1 month 7.05% 3 month 7.35% 6 month 7.50% 1 year 7.60% Source: Bank website"With this reduction, the rates being offered by the Bank have become quite competitive in the market," stated the bank in a press release.After the Reserve Bank of India (RBI) slashed the repo rate by 75 bps in March, many banks have followed suit and reduced MCL...
Allahabad Bank cuts MCLR by 5 bps across tenors

Allahabad Bank cuts MCLR by 5 bps across tenors

Finance
NEW DELHI: Allahabad Bank has cut the marginal cost of funds based lending rate (MCLR) by 0.05 percentage points across tenors, effective February 14. The Asset Liability Management Committee of the bank has reviewed the existing MCLR and decided for a downward revision by 5 basis points (bps) across different MCLR tenors, the bank said in a regulatory filing. The benchmark one-year tenor MCLR will now be 8.25 per cent as compared to the existing 8.30 per cent. Most of the consumer loans, such as retail, automobile and personal, are based on one-year MCLR. Likewise, the overnight, three and six-month tenor MCLRs have been cut by 5 bps each in the range of 7.75-8.10 per cent. There has been no change in one-month MCLR of 7.85 per cent. The revised rates will be effective from February 14, 2...
Bank of Baroda cuts MCLR by up to 10 bps

Bank of Baroda cuts MCLR by up to 10 bps

Finance
NEW DELHI: State-owned Bank of Baroda on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective February 12. The reduction will make home, auto and other loans cheaper for new borrowers. With this reduction, the one-year MCLR has come down to 8.15 per cent per annum from 8.25 per cent, according to a bank statement. The reduction in MCLR by the bank comes a day after the Reserve Bank of India left the repo rate unchanged at 5.15 per cent but announced long-term repo operation for up to Rs 1 lakh crore, making cost of funds cheaper for banks. While the one-month MCLR has been reduced by 5 basis points to 7.55 per cent, overnight, three- and six-month rates were down by 10 basis points, it said. Last week, market leader State Bank of...