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Bank of Maharashtra cuts MCLR rates by 0.05-0.15% from today

Press Trust of India  |  New Delhi 

State-owned of has slashed the marginal cost based lending rates (MCLR) by 0.05 to 0.15 per cent with effect from today, making its home loans cheaper.

The base rate remains unchanged at 9.70 per cent per annum, of said in a regulatory filing.

"With the Reserve of (RBI) cutting the repo rate by 0.25 per cent, borrowers, particularly those with home loans, will get the benefit of decline in EMIs. In the light of the upcoming festive season, the is glad to pass on the policy benefits to its customers," the bank said.

In its policy meet last week, the RBI cut the key repo rate -- at which it lends to banks -- by 0.25 per cent to 6 per cent.

The rate cut by the regulator was unchanged on four previous occasions as RBI wanted to maintain status quo unless was brought under control.

The Pune-based Bank of Maharashtra stock closed unchanged at Rs 27.75 on today.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 19:48 IST