Earlier last week, several public sector banks had cut their MCLR. These included Union Bank of India, Indian Overseas Bank, UCO Bank and Bank of Maharashtra.
Mumbai: Central Bank of India has reduced the interest rate on loans. This state-run bank has cut its marginal cost of funds based lending rate (MCLR) by 0.05 percent. This reduction has been made for all term loans. The new rates come into effect from Tuesday. This move of the bank will make its home, personal and car loan cheaper.
The bank has said that it has reduced the one-year MCLR from 7.15 per cent to 7.10 per cent. One day and one month MCLR has reduced to 6.55 percent. Earlier it was 6.60 percent. The bank has also reduced MCLRs of three months and six months duration.
Earlier last week, many public sector banks had cut their MCLR. These included Union Bank of India, Indian Overseas Bank, UCO Bank and Bank of Maharashtra. They had reduced the MCLR by 0.05 per cent, 0.10 per cent, 0.05 per cent and 0.10 per cent respectively.
Source: economictimes.indiatimes.comÂ
