Bank of India Cuts MCLR By 10 Basis Points

New Delhi: Bank of India has cut MCLR by 10 bps for maturities up to 6 months. The new rates will be applicable from 10 February.

Bank Of India has cut the rate on home loans to 8 percent and auto loans to 8.5 percent, it said in a statement. 

Bank of India has reduced the interest rates despite the Reserve Bank Of India not reducing the Repo Rate and keeping it at 5.15 percent in its monetary policy review earlier this week.  

The largets bank of the country SBI, earlier this week, had reduced its MCLR and even Canara Bank has cut the rates this week.