Allahabad Bank cuts MCLR by 5 basis points across tenors

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NEW DELHI: State-owned Allahabad Bank has reduced the marginal cost of funds-based lending rate (MCLR) by 5 basis points, with effect from Monday.

The bank’s asset-liability management committee has reviewed the existing MCLRs and decided for a downward revision of MCLRs by 5 bps across different tenors, it said in a regulatory filing.

The benchmark one-year MCLR, against which most of the consumer loans are priced, will now stand at 8.35 per cent from the earlier rate of 8.40 per cent.

Other tenor loans, ranging from overnight to six months, have been cut by same quantum standing between 7.85-8.20 per cent.

The revised rates will be effective from October 14 (Monday), the bank said.

Source: Press Trust of India