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Tag: MCLR

Bank of Maharashtra cuts MCLR by up to 45 bps

Bank of Maharashtra cuts MCLR by up to 45 bps

Finance
Mumbai: State-owned Bank of Maharashtra Monday said it has reduced its marginal cost of funds based lending rates (MCLR) by up to 45 basis points across various tenors, effective from January 7. The lender has slashed its one-year MCLR to 8.25 per cent from 8.40 per cent earlier. Overnight rate has been reduced to 7.60 per cent from 8.05 per cent. The new one-month and three-month MCLR rate now stands at 7.70 per cent and 7.75 per cent, respectively. The bank has also revised its base rate by 10 basis points to 9.40 per cent. Last week, mortgage player HDFC reduced its benchmark lending rate by 0.05 per cent. New rates will now range between 8.20 per cent and 9 per cent, and the change will benefit all existing customers, HDFC had said. Recently, SBI had slashed in its external bench...
Punjab & Sind Bank cuts MCLR by up to 20 basis points

Punjab & Sind Bank cuts MCLR by up to 20 basis points

Finance
New Delhi: State-owned Punjab & Sind Bank (PSB) on Saturday said it has lowered its marginal cost of funds based lending rate (MCLR) by up to 0.20 per cent for various tenors. "Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors and the same will be effective from 16.08.2019," Punjab & Sind Bank (PSB) said in a regulatory filing. The public sector bank has lowered the benchmark one-year MCLR to 8.50 per cent from 8.70 per cent earlier. Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR. PSB has lowered MCLR on overnight, one-month, three-month and six-month duration loans by 0.15 per cent to 8.20 per cent, 8.30 per cent, 8.40 per cent and 8.50 per cent, respectively. It also reduced MCLR...
Andhra Bank cuts MCLR by 25 basis points

Andhra Bank cuts MCLR by 25 basis points

Finance
HYDERABAD: The state-run Andhra Bank on Friday announced a cut in the marginal cost of funds-based lending rate (MCLR) by 25 basis points across all five tenors- overnight, one month, three months, six months and one year. A press release from the lender said, it would soon introduce Repo rate linked deposit and loan products. The rate cut would benefit the customers of the bank in a big way as it significantly reduces the interest burden on their loans, the bank said. The reduced interest rate would benefit borrowers of housing, vehicle, personal and business loans among others, it added. The benchmark MCLR is now 7.95 per cent against the earlier 8.20 per cent. The rate cut followed the RBI's decision to reduce the key interest rate (repo) by 0.35 percentage point to a nine-year low of 5...
Oriental Bank of Commerce cuts MCLR by 0.10% for various tenors

Oriental Bank of Commerce cuts MCLR by 0.10% for various tenors

Finance
New Delhi: State-owned Oriental Bank of Commerce (OBC) has cuts the marginal cost of funds-based lending rate (MCLR) by up to 0.10 per cent for various tenors with effect from Tuesday. "This is to inform that the bank has revised MCLR for different tenors with effect from June 11," the bank said in a regulatory filing. MCLR for one-month loan and 6-month tenor has been reduced by 0.10 per cent to 8.35 per cent and 8.60 per cent, respectively. Earlier, MCLR for one-month loan and 6-month tenor was 8.45 per cent and 8.70 per cent respectively. Likewise, for one-year tenor loans, MCLR has been decreased by 0.05 per cent to 8.70 per cent from 8.75 per cent earlier. OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 per cent and 8.50 per cent, respectively. The announcement cam...
SBI cuts MCLR across all tenors by 5 bps

SBI cuts MCLR across all tenors by 5 bps

Finance
The State Bank of India (SBI), announced on Friday that it has reduced its marginal cost-based lending rate (MCLR) by 5 bps across all tenors. According to a press release issued by the bank, after the 5 bps cut, the 1-year MCLR will come down from 8.5 percent per year to 8.45 percent. "As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 May, 2019," stated the release. This is the second rate cut by the country's largest lender in the past one month. After the monetary policy review in April, the bank had reduced its MCLR by 5 bps. With today’s MCLR cut, the reduction in the home loan rates since April 10, 2019 till date is 15 bps. "With SBI having linked its CC/OD rates above Rs. 1 lac to the repo rate for better transmission of RBI’s polic