PNB, Bank of India, UCO Bank slash lending rates after RBI repo cut
The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.
The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.
With the reduction in rates, ICICI Bank's one year MCLR is 7.45 per cent, and six month MCLR is 7.40 per cent.
One-year MCLR, to which majority of the consumer loans are tied, now stands at 7.40 per cent against 7.60 per cent earlier.
This is the 14th consecutive reduction in the bank's MCLR, which continues to be the lowest in the market.
The move comes after the country’s largest lender SBI slashed its MCLR by 25bps.
This is the seventh consecutive cut in borrowing rates by the bank in FY 2019-20.
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.
State-run Allahabad Bank on Wednesday said it would reduce its Marginal Cost of Funds-based Lending Rate (MCLR) by 5 basis…
State Bank of India (SBI) has cut is benchmark lending rate by 0.05 per cent across maturities, effective from Wednesday,…
State-run lenders Union Bank of India and Dena Bank today reduced their marginal cost of lending rates across various tenors…
