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Jan 22, 2020, 07.31 PM IST

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MCLR

Bank of Maharashtra cuts MCLR by up to 45 bps

The new one-month and three-month MCLR rate now stands at 7.70 per cent and 7.75 per cent, respectively. The bank has also revised its base rate by 10 basis points to 9.40 per cent. Last week, mortgage player HDFC reduced its benchmark lending rate by 0.05 per cent.

Union Bank of India to cut MCLR by 10 bps; Bank of Baroda to slash 1-month rate by 5 bps

Union Bank of India said this is the seventh consecu...

Oriental Bank cuts MCLR for various tenors by up to 0.15 per cent from Friday

The bank has decided to reduce the MCLR for different tenors wi...

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  • According to the HDFC bank’s website, the latest interest rate will be effective from January 7, 2020. All MCLR rates stands unchanged. 6-month MCLR stands at 8 bps, 1-year at 8.15 percent, 2-year at 8.25 percent and the 3-year rate at 8.35 percent.

    Lending rates for tenors of one year would be revised to 8.30 per cent from the current 8.35 per cent, the bank said.

    The benchmark one-year Marginal Cost of Fund based Lending Rate (MCLR) has come down to 8.30 per cent from 8.35 per cent earlier, the bank said in a regulatory filing.

    Private sector lender, HDFC Bank, cut its marginal-cost based lending rate (MCLR) for all tenors by 15 basis points (bps). According to the bank’s website, it has cut the 6-month MCLR by 10 bps to 8 percent, 1-year rate by 15 bps to 8.15 percent

    According the bank’s press release, this is its eighth consecutive MCLR cut this financial year.

    The year 2019 saw the shift in the way interest rates loans to be charged. The Reserve Bank of India announced that with effect from October 1 interest rate on all new floating loans has to be linked to any of the four external benchmarks.

    State Bank of India was first to announce 10 bps cut in MCLR last week after Reserve Bank of India Governor Shaktikanta Das exuded confidence that previous policy rate cuts would translate into banks lowering lending rates even as the central bank kept repo rate unchanged in the last monetary policy.

    After the cut, Union Bank of India's one year MCLR now stands at 8.2 percent, down from 8.25 percent. According to a press release issued by the bank, the new rates will be effective from 11 December, 2019.

    The revised one-year MCLR now stands at 8.30 per cent, down from the existing 8.40 per cent, the state-run lender said in a release.

    The rate reduction comes even as the RBI left key policy rates unchanged at the last meeting on December 5. The city-based lender has reduced its one-year MCLR rates, which all retail loans are linked to, only marginally by 5 bps to 8.25 percent.

    This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.

    Private sector lender, HDFC Bank has cut MCLR rates by between 5 bps and 10 bps for these tenors: 6-month, 1-year, 2-year and 3-year. These rates will be effective from today, i.e., November 7. In August, the bank had cut MCLR across all tenors.

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