scorecardresearchBank of Maharashtra cuts MCLRs across tenors by up to 0.35%

Bank of Maharashtra cuts MCLRs across tenors by up to 0.35%

Updated: 11 Jul 2022, 02:40 PM IST
TL;DR.
The bank has reviewed the marginal cost of funds-based lending rate (MCLR) with effect from July 11, 2022, Bank of Maharashtra said in a regulatory filing.
FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

(PTI) Bank of Maharashtra (BoM) on Monday said it has slashed the marginal cost of fund-based lending rate (MCLR) by up to 0.35 per cent for various tenors.

The bank has reviewed the marginal cost of funds-based lending rate (MCLR) with effect from July 11, 2022, Bank of Maharashtra said in a regulatory filing.

The one-year tenor MCLR -- which is a benchmark for most of the consumer loans such as auto, home and personal -- has been revised down to 7.50 per cent from the existing 7.70 per cent, the bank said.

Likewise, the six-month tenor loan will have MCLR at 7.40 per cent, down by 0.20 per cent.

The three-month tenor rate is down by 0.35 per cent to 7.20 per cent, the state-owned lender said.

The overnight and one-month tenor loans will bear MCLRs of 6.90 per cent and 7 per cent, respectively, down by 0.25 per cent each.

Shares of Bank of Maharashtra traded at 16.05 apiece on BSE, up by 0.63 per cent from the previous close.

First Published: 11 Jul 2022, 02:40 PM IST