State owned Dena Bank has cut marginal cost based lending rate (MCLR) by 10 basis points or 0.10 per cent for different tenors from tomorrow.
The overnight MCLR will be 0.10 per cent less at 8.40 per cent while for one month loan it is being reduced by 0.05 per cent to 8.45 per cent, the bank said in a release.
For three months, the cut is 0.05 per cent at 8.50 per cent from April 1.
Six months tenor loans will be priced at 8.55 per cent and for one year period it will be 8.60 per cent.
Private sector Lakshmi Vilas Bank in a regulatory filing said it has revised MCLR rates from tomorrow in range of 9.40-9.75 per cent.
For one year loan, the interest will come at 9.75 per cent, six month and three months at 9.60 per cent and 9.50 per cent, respectively.
"All rupee loans and advances disbursed and credit limits renewed/reset with effect from April 1, 2017 will be priced with these MCLR benchmark," it added.
Banks review the MCLR based interest every month.
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