Public sector Syndicate Bank on Friday slashed its benchmark lending rate by up to 1 per cent, in the footsteps of bigger lenders like SBI, ICICI Bank and others.
The bank has reduced the marginal cost of funds based lending rate (MCLR) by 0.7 per cent to 8.75 per cent for 1 year tenor, Syndicate Bank said in a filing on stock exchanges.
With the reduction in benchmark rate, home, car and other loans linked to MCLR would become cheaper.
The bank has reduced MCLR by 1 per cent to 8.35 per cent from 9.35 per cent for 1-month tenor, it said.
However, MCLR for the 6-month period has been reduced by 0.8 percentage points to 8.60 per cent.