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Allahabad Bank to slash MCLR across tenors by 5 bps from Saturday

The one-year MCLR is the benchmark to price most of consumer loans such as auto and personal

Allahabad Bank

Press Trust of India New Delhi

Allahabad Bank has cut its marginal cost of fund-based lending rate (MCLR) by 5 basis points across tenors, the state-run bank said on Thursday.

The Asset Liability Management Committee of the bank has reviewed the the existing MCLRs and decided for a downward revision of MCLR by 5 basis points (0.05 percentage point) across different tenors, Allahabad Bank said.

The benchmark one-year Marginal Cost of Fund based Lending Rate (MCLR) has come down to 8.30 per cent from 8.35 per cent earlier, the bank said in a regulatory filing.

The one-year MCLR is the benchmark to price most of consumer loans such as auto and personal.

 

For the rest of the tenors from overnight to six-month loans, the MCLRs are ranged from 7.80 per cent to 8.15 per cent.

The new rates will be effective from December 14, 2019, the bank said.

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First Published: Dec 12 2019 | 7:16 PM IST

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