Indian Bank cuts one-year MCLR rate by 5 basis points
State-owned lender Indian Bank on Tuesday announced a cut of 5 basis points in its marginal cost of funds based lending rate (MCLR) for one-year tenure. The bank has decided to reduce the MCLR for one-year tenure by 5 basis points to 7.30 per cent effective from September 3, 2020, Indian Bank said in a regulatory filing
Most of the consumer loans such as personal, auto and home were priced on the basis of the one-year MCLR prior to the introduction of repo-linked lending rate (RLLR). Source:PTI