Page 6 - Lending Rates

4 PSU banks cut lending rates by up to 0.45%, MCLR loans to become cheaper

Four public sector lenders, including Indian Bank and Vijaya Bank, today cut their benchmark lending rates by up to 0.45 per cent. Punjab & Sind Bank reduced the overnight marginal cost of funds based lending rate (MCLR) by 0.45 per cent to 8.15 per cent from 8.60 per cent. It reduced the one-month MCLR by 0.40 per cent to 8.20 per cent, while one-year lending will be cheaper by 0.15 per cent to 8.55 per cent. Chennai-based Indian Bank reduced the MCLR across all segments by 0.15 per cent. Vijaya Bank tweaked interest rates in two segments, including for one-year tenor which will become cheaper by 0.15 per cent to 8.50 per cent. IDBI Bank also reduced MCLR by 5-10 bps across various tenors. "The reduction in MCLR is expected to positively impact loan growth, thereby supporting the growth impulses in the economy," the bank said in a statement. With the reduction in benchmark rates, home, car and other loans linked to MCLR would become cheaper. Banks switched to MCLR as .

Banks likely to cut lending rates by 25 bps post RBI policy action: BofAML

According to BofAML, reduction in lending rates might trigger high level of liquidity in banks

Dena Bank, SBBJ cut lending rate by up to 0.1%

The new rates will be effective from November 1

Banks slash rates in New Year gift; SBI leads and PNB, Union Bank follow

SBI cuts lending rate by 90 bps; PNB, Union Bank follow suit with 70 bps and 65-90 bps respectively

ICICI, SBI cut lending rates

The new rate will be effective from November 1

Oriental Bank of Commerce, United Bank cut lending rate by up to 0.15 pc

OBC, United Bank reduce marginal cost of funds based lending rate a few days after RBI cuts repo rate by 0.25 per cent

50 bps lending rate cut likely by Sept: BofA-ML

A report by BofA-ML also said that the RBI is expected to cut rates 25 bps on August 9

Banks in no hurry to cut lending rates

SBI chairman says transmission only after deposit rates come down