Bank of Maharashtra slashes MCLR by up to 20 bps for select tenors

Besides MCLR, the bank has also cut its interest rate on gold loans offered to farmers and retail customers

State-owned Bank of Maharashtra on Friday said it has slashed marginal cost of funds-based lending rates (MCLR) by up to 20 basis points (bps) for select tenors effective today.

This is the fifth consecutive MCLR cut by the Pune-based lender.

One year MCLR rate has been reduced by 10 bps to 7.40 per cent from 7.50 per cent, the bank said in a release.

The lender has reduced its overnight rate to 6.80 per cent from 7 per cent earlier, and one-month MCLR to 6.90 per cent from 7.10 per cent.

Besides MCLR, the bank has also cut its interest rate on gold loans