Government-owned Syndicate Bank has reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points for various tenors effective July 15.
The benchmark one-year MCLR, which forms the basis of most consumer and personal loans, will be at 8.6 per cent as compared with 8.65 per cent currently, the bank said in a statement.
Overnight, one, three and six-month MCLRs have also been cut by 5 bps each to 8.15 per cent, 8.25 per cent, 8.45 per cent and 8.55 per cent respectively.
The base rate has been kept unchanged at 9.5 per cent while the benchmark prime lending rate (BPLR) also stands unchanged at 13.85 per cent.