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OBC Bank Slashes 1-Year MLCR Rate To 8.7%


On Tuesday, the public sector bank Oriental Bank of Commerce said it has cut its one-year MCLR or marginal cost of funds based lending rate by 5 basis points to 8.7%. In a regulatory filing, the bank said it has revised the MCLR rate for three tenures and the new rates come into effect from June 11, 2019.

OBC Bank Slashes 1-Year MLCR Rate To 8.7%

The new MCLR rate for one-month loan tenure will now be 8.35% versus the earlier rate of 8.45%, down 10 bps.

For six months loan tenure, MCLR rate now stand at 8.60% in comparison to the earlier rate of 8.70%.

Bank of Maharashtra has also cut one-year MCLR rate to 8.6%, down 10 basis points from the earlier rate.

The one-year MCLR rate is the internal benchmark of banks against which most of the consumer loans including personal, auto and home loans are pegged.

Story first published: Wednesday, June 12, 2019, 14:05 [IST]
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