Allahabad Bank to slash MCLR across tenors by 5 bps from Saturday

Allahabad Bank has cut its marginal cost of fund-based lending rate (MCLR) by 5 basis points across tenors, the state-run bank said on Thursday.

The Asset Liability Management Committee of the bank has reviewed the the existing MCLRs and decided for a downward revision of MCLR by 5 basis points (0.05 percentage point) across different tenors, Allahabad Bank said.

The benchmark one-year Marginal Cost of Fund based Lending Rate (MCLR) has come down to 8.30 per cent from 8.35 per cent earlier, the bank said in a regulatory filing.

The one-year MCLR is the benchmark to price most of consumer loans such as auto and personal.

For the rest of the tenors from overnight to six-month loans, the MCLRs are ranged from 7.80 per cent to 8.15 per cent.

The new rates will be effective from December 14, 2019, the bank said.

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