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Bank of India Slashes MCLR by 10 bps

September 11, 2017

Bank of India Slashes MCLR by 10 bps

This Thursday, public sector bank of India cut its one-year marginal cost of funds-based lending rate (MCLR) by 10 basis points to 8.3%. It has also cut the rates of a few other tenors by 5 to 10 bps which will be effective from Sunday onwards.

Previously, IDBI had cut the MCLR rate by 10 bps to 8.55% saying that it will help with the loan growth and support growth impulses in the economy. A few others including Union Bank of India, Punjab National Bank, etc. have also cut their rates recently.

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