New Delhi: Allahabad Bank has cut the marginal cost based interest rate (MCLR) by 0.05 percent for different maturity periods. The revised rates will be effective from February 14.
The bank told BSE that its Asset Liability Management Committee reviewed the existing MCLR and decided to cut it by 0.05 per cent for all maturity loans.
The bank said that the MCLR of loans with maturity of one year has now come down from 8.30 per cent to 8.25 per cent.
Similarly, the MCLR of one day, three springs and six months has come down from 7.75 per cent to 8.10 per cent.
The MCLR of a loan with a maturity of one month is unchanged. Earlier, State Bank of India has also announced reduction of MCLR.
