Bank of India reduces its overnight MCLR by 15 bps and one year MCLR by 5 bps or 0.05 percentage point. One bps is one hundredth of a percentage point.
These revised MCLR would be applicable to the customers of the Bank with effect from October 10, 2019. This reduction transmits the change made in RBI policy rate (Repo rate) on October 2019, BOI said.
Pune-headquartered Bank of Maharashtra slashed its MCLR by 0.10 percentage point across tenors. The benchmark one-year marginal cost of funds based lending rate (MCLR) will now be priced at 8.40 per cent with effect from October 8, 2019, the bank said in a regulatory filing.
The other tenors from overnight to six-months have been slashed by equal measure in the range of 8.05-8.30 per cent. The lender has also cut down the repo linked lending rate (RLLR) by 0.25 percentage point to 8.20 per cent from 8.45 per cent earlier with effect from October 8.
Base rate has been kept unchanged at 9.50 per cent per annum, Bank of Maharashtra said.
"In view of festival season and in order to extend benefit to customers across retail/micro/small enterprises, Central Bank of India reduced repo based lending rate (RBLR) by 25 bps (0.25 percentage point) with effect from today, the 10th October 2019," the lender said.
Accordingly, interest rate on housing loans (low risk category) stands reduced from 8.25 per cent to 8 per cent and for MSE loans it stands reduced to 8.95-9.50 per cent from 9.20-9.75 per cent, Central Bank of India said.
Oriental Bank has cut the MCLR on one-year tenor loan to 8.35 per cent from 8.40 per cent earlier. The new rate will come to effect from October 10, it said in a release.
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