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List Of Banks That Cut Lending Rates, Check Out The New Base Rates Here
Banks are flush with deposits following demonetization. Banks are reducing lending rates now.
Housing, auto and corporate loans are all set to become cheaper with half a dozen PSU and private banks on Monday steeply reducing benchmark lending rate by up to 1.48 per cent after spurt in deposits following demonetisation. Taking a cue from State Bank of India, other lenders including largest private sector lender ICICI Bank and state-owned Oriental Bank of Commerce and Andhra Bank announced a cut in the marginal cost of funds based lending rate (MCLR).
SBI on Sunday reduced the lending rate by a good 0.9 per cent after Prime Minister Narendra Modi in his new year eve address urged the banks to focus on the needs of poor and lower middle class and middle class.The reduction in lending rates may prompt an increase in credit offtake which has moderated substantially putting the burden on the balance sheet of banks, reported PTI.
The following banks cut base rates:
ICICI Bank
The home loan rate for ICICI Bank will come down between 0.45 and 0.6 per cent depending on quantum and category. ICICI Bank also cut the base lending rate by 0.70 per cent making the home, auto and other loans cheaper. The bank has reduced marginal cost of funds based lending rate (MCLR) by 0.7 per cent to 8.20 per cent for 1-year tenure.
Kotak Mahindra Bank
Private sector Kotak Mahindra Bank too reduced the MCLR rate by up to 0.45 per cent. The bank has reduced MCLR by 0.20 per cent to 9 per cent from 9.20 per cent for 1-year tenor, Kotak Mahindra Bank said in a statement. However, MCLR for the three-month period has been reduced by 0.45 percentage points to 8.40 per cent while the lending rate for 2 and 3 years has been brought down to 9 per cent from 9.25 per cent.
Bandhan Bank
The youngest Bandhan Bank has cut its MCLR by 1.48 per cent to 10.52 per cent effective on Tuesday. With this, the bank has cut its loan rate for small borrowers by almost 4 percentage points since it started operations in August 2015, Bandhan Bank said in a statement.
Oriental Bank of Commerce
Oriental Bank of Commerce has reduced the one-year MCLR rate by 0.8 per cent to 8.60 per cent while Andhra Bank has brought it down by the similar percentage point to 8.65 per cent effective on Tuesday.
Dena bank
Public sector lender Dena Bank on Monday slashed its benchmark lending rate by 0.75 per cent. The Bank has reduced the marginal cost of funds based lending rate (MCLR) by 0.75 per cent to 8.55 per cent for 1-year tenor. Home, Car Loans To Become Cheaper; Dena Bank Cuts Lending Rate By 0.75%
IDBI Bank
IDBI Bank has reduced its marginal cost of funds based lending rate (MCLR) for various tenors, effective from January 1. For overnight tenor, the bank has reduced its minimum lending rate to 8.50 percent. For a one month loan, the new lending rate has been reduced to 8.75 per cent.
SBI, PNB and Union Bank of India
The country's largest lender SBI along with PNB and Union Bank of India, slashed lending rates by up to 0.9 per cent. Following the reduction, the lending rate of SBI for a one-year loan has come down to 8 per cent from 8.90 per cent. The MCLR on overnight borrowings has been reduced to 7.75 per cent from 8.65 per cent, while the lending rate for three-year tenure has been cut from 9.05 per cent to 8.15 per cent. Similarly, the bank reduced the lending rate by a similar percentage point for tenures including one month, three months, six months and two years.
