Bank of Maharashtra cuts benchmark one-year MCLR by 0.10% to 8.60%

A day after the RBI cut the key repo rate, public sector Bank of Maharashtra Friday announced to cut the benchmark one-year MCLR by 0.10 per cent to 8.60 per cent.

Bank of Maharashtra has reviewed and reduced its marginal cost of funds based lending rates (MCLR) with effect from June 7, 2019, it said in a release.

The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced.

Among other loan tenors, the overnight MCLR will attract an interest of 8.15 per cent, down by 0.05 per cent, while the