Following the State Bank of India and HDFC Bank, Canara Bank and Bank of Maharashtra have also slashed marginal-cost based lending rate (MCLR) by 10 basis points and 20 basis points respectively across all tenors. The new Mclr rates are effective from today.
Canara Bank
The one-year MCLR of Canara Bank now stands at 7.55 per cent from 7.65 per cent. The Overnight and one-month MCLR are 7.20 per cent each. While the three month MCLR rate will now be 7.45 per cent.
Canara Bank MCLR, Effective from July 7, 2020
Tenor | MCLR (in %) |
Overnight |
7.20 |
1 month MCLR |
7.20 |
3 month MCLR |
7.45 |
1 year MCLR |
7.55 |
Bank of Maharashtra
The one-year MCLR of Bank of Maharashtra (BoM) is slashed 20 bps points and stands at 7.50 per cent from 7.70 per cent w.e.f July 7, 2020. Its overnight, one-month and three months MCLR are 7 per cent, 7.10 per cent and 7.20 per cent respectively.
BoM MCLR, Effective from July 7, 2020
Tenor | MCLR (in %) |
Overnight |
7.00 |
1 month MCLR |
7.10 |
3 month MCLR |
7.20 |
1 year MCLR |
7.50 |
Following March, the RBI has cut benchmark lending rates by 115 bps to ease the lending rates and reduce the monthly loan liability of customers. As a result, banks are consistently reducing lending rates and have also slashed down return on Savings Accounts and Fixed Deposits.
Also Read: Bank of Maharashtra Moratorium Extension: From June to August 2020
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