A Allahabad Bank Ltd. mobile automated teller machine (ATM) van is parked during the Kumbh Mela in Prayagraj, Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Allahabad Bank Cuts Lending Rate By 5 Basis Points

State-owned Allahabad Bank on Monday announced reduction in benchmark lending rate by 0.05 percentage points across various tenors.

The marginal cost of funds-based lending rate for one-year loan has been reduced to 8.60 percent from 8.65 percent effective May 14, Allahabad Bank said in a Bombay Stock Exchange filing.

Most of the loans including housing loans are benchmarked against MCLR for one year.

The revised MCLR for one, three and six months loan are 8.20 percent, 8.40 percent and 8.45 percent, respectively, it said.