You are here: Home » PTI Stories » National » News
Business Standard

Maha Bank, Corporation Bank cut MCLR by up to 0.35%

Press Trust of India  |  New Delhi 

State-owned lenders of and have slashed their MCLR rates in the range of 0.05 to 0.35 per cent.

"of 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, said further.

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, 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.

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

First Published: Wed, June 14 2017. 20:13 IST