Categories: Business

IOB and Bank of Maharashtra cut lending rates

psu banks cut Lending rate t

new Delhi. The public sector Indian Overseas Bank (IOB) and Bank of Maharashtra (BoM) on Wednesday announced a cut in the Marginal Cost of Funds based Lending Rate of their funds. In a communication sent to the stock market, IOB said that the bank has revised the MCLR from 10 May 2020 until further review. The Chennai-headquartered bank has said that the interest rate for the marginal cost-based loan of the fund for a period of one year has been reduced by 0.10 per cent to 8.15 per cent. The reduced rate will be applicable from 10 May. The MCLR rate of one year duration is the main base rate for loans such as personal, car and housing.

The Pune-based Bank of Maharashtra reduced the MCLR-based interest rate for a period of one year from 0.10 per cent to 7.90 per cent. In a communication sent to the stock markets, the bank has decided to reduce its MCLR rate from May 7, following which the bank has reviewed its interest rates as per RBI guidelines. The Bank of Maharashtra has stated that the rate of MCLR on loans ranging from one day to six months will range from 7.40 to 7.70 percent. On the other hand, Canara Bank, another public sector bank, has kept its MCLR rate unchanged. The bank's one-year MCLR rate has been kept unchanged at 7.85 percent.

This post was published on May 7, 2020 12:53 am

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