IDBI Bank, Oriental Bank Cut MCLR By Up To 15 Basis Points
Oriental Bank of Commerce has decided to decrease its MCLR by up to 10 basis points (0.10 percentage point) across various tenors, the bank said in a release.
The benchmark one-year MCLR is now 8.55 percent, down 0.10 percentage point from its earlier rate. Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR.
The MCLR for other tenors, overnight to up to six-month, will be lower by 0.05-0.10 percentage points.
IDBI Bank announced a reduction of 0.10 percentage point in its one-year MCLR to 8.95 percent. The three-month to three-year rates are down by 0.05-0.15 percentage point to 8.35-9.10 percent.
The MCLR rates for overnight and one-month MCLR's have been kept unchanged.
The new MCLR of OBC will come to effect from Aug. 10, while that of IDBI Bank will be in place from Aug. 12.