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.