SBI associate State Bank of Travancore (SBT) today cut down marginal cost of funds based lending rate (MCLR) by 0.65 per cent across tenors with effect from February 1.
"The bank has revised the marginal cost of funds based lending rates (MCLR) to be effective from February 1, 2017," the bank said in a regulatory filing.
For tenors varying from overnight to maximum of three years of loan, the rates vary from 7.95-8.65 per cent.
Loans borrowed for one month will charge interest of 8.15 per cent, three-month 8.25 per cent and six-month 8.40 per cent.
While, loans of one and two years of tenor will attract interest rates of 8.55 and 8.60 per cent respectively.
The MCLR based lending costs are revised every month by banks.
Stock of the SBT closed 0.58 per cent down at Rs 548 on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
