State-owned lenders Bank of Maharashtra and Corporation Bank have slashed their MCLR rates in the range of 0.05 to 0.35 per cent.
"Bank of Maharashtra has slashed its marginal cost of funds based lending rates (MCLR) by up to 0.35 per cent with effect from June 7, 2017," it said in a release.
The new rates for overnight, one-month and three-month tenors have been revised down to 8.30 per cent, 8.35 per cent and 8.40 per cent, respectively.
MCLR for 6-month tenor and one-year is kept (unchanged) at 8.75 per cent, Bank of Maharashtra said further.
Corporation Bank has cut its MCLR rates for overnight, one-month and three-month tenors by 0.05 per cent each.
Loan for overnight and one-month tenors will attract MCLR of 8.15 per cent each while that for three-month tenor, it will be 8.25 per cent.
For six-month and one-year tenors, Corporation Bank has kept MCLR untouched at 8.65 per cent and 8.75 per cent, respectively.
The new rates will be applicable for all new rupee loans and advances including renewals with effect from June 15, 2017, Corporation Bank added.
Stock of Bank of Maharashtra closed 3.53 per cent up at Rs 30.80, while Corporation Bank shares were higher by 3.45 per cent at Rs 52.45 on the BSE today.