Categories: Business

Canara bank, Bank of Maharashtra cut MCLR

Photo: PTI (FILE)

canra bank

new Delhi. Public sector Canara Bank and Bank of Maharashtra on Monday announced reduction in Marginal Cost of Fund based Lending Rate by 0.10 per cent and 0.20 per cent respectively. This deduction has been made on all term loans, which will come into effect from July 7. Bengaluru-based Canara Bank has reduced the one-year MCLR to 7.55 percent from the earlier 7.65 percent. Canara Bank said in a release that the interest rate for one day and one month has been reduced by 0.10 percent to 7.20 percent. MCLR has been reduced from 7.55 percent to 7.45 percent for three months.

At the same time, Bank of Maharashtra has reduced the one-year MCLR by 0.20 percent to 7.50 percent. It was 7.70 percent till now. For one-day, one-month and three-month loans, the MCLR will now be 7 percent (so far 7.20 percent), 7.10 percent (7.30 percent) and 7.20 percent (7.40 percent so far), respectively. Bank of Maharashtra said in a release, "The purpose of the cut in MCLR is to help in economic growth and industrial development." This is the fourth consecutive month when the bank has reduced MCLR.

This post was published on July 7, 2020 4:36 am

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