Bank of Maharashtra slashes MCLR by up to 20 bps for select tenors – ET RealEstate

MUMBAI: State-owned Bank of Maharashtra on Friday said it has slashed marginal cost of funds-based lending rates (MCLR) by up to 20 basis points (bps) for select tenors effective today. This is the fifth consecutive MCLR cut by the Pune-based lender.

One year MCLR rate has been reduced by 10 bps to 7.40 per cent from 7.50 per cent, the bank said in a release.

The lender has reduced its overnight rate to 6.80 per cent from 7 per cent earlier, and one-month MCLR to 6.90 per cent from 7.10 per cent.

Besides MCLR, the bank has also cut its interest rate on gold loans offered to farmers and retail customers.

Farmers can get the agricultural gold loan on one-year MCLR at 7.40 per cent as against 7.80 per cent earlier.

The retail gold loan rate has been reduced to 7.50 per cent from 8 per cent, the bank said.

“The gold loan interest rates have been revised to meet the needs of farmers and retail customers at a cheaper cost considering the prevailing pandemic situation,” the bank said.

Bank of Maharashtra slashes MCLR by up to 20 bps for select tenorsAnother public sector lender Indian Overseas Bank (IOB) also announced that it will reduce its MCLR by 10 basis across all tenors from August 10.

The bank has cut its one year MCLR to 7.65 per cent from 7.75 per cent, as per the filing to exchanges.

Overnight MCLR has been revised downwards to 7.20 per cent from 7.30 per cent, while the six month rate has been cut to 7.55 per cent from 7.65 per cent.

Two-year MCLR of IOB has been reduced to 7.65 per cent from 7.75 per cent.

The Chennai-headquartered lender has also decided to reduce its base rate to 9.35 per cent from the existing of 9.45 per cent, effective August 10.

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Canara Bank, Bank of Maharashtra cut MCLR – ET RealEstate

MUMBAI: State-run Canara Bank and Bank of Maharashtra on Monday announced reduction in their marginal cost of funds based lending rates (MCLR) by 10 basis points and 20 basis points, respectively, across all tenors, effective July 7. Bengaluru-based Canara Bank has cut its one-year MCLR to 7.55 per cent from 7.65 per cent earlier.

Overnight and one-month lending rates have been cut by 10 basis points to 7.20 per cent each. Three months MCLR rate has been revised to 7.45 per cent from 7.55 per cent, Canara Bank said in a release.

Pune-headquartered Bank of Maharashtra (BoM) has reduced one-year MCLR to 7.50 per cent from 7.70 per cent.

Its overnight, one-month and three months MCLR have been cut to 7 per cent (from 7.20 per cent), 7.10 per cent (from 7.30 per cent) and 7.20 per cent (from 7.40 per cent), respectively.

BoM has revised downwards its six months MCLR to 7.30 per cent from 7.50 per cent.

“The reduction in our MCLR is aimed to support economic growth and industrial development,” BoM said in a release.

The lender has slashed MCLR for the fourth consecutive month.

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