Central Bank of India Cuts MCLR BY 40 Basis Points
New Delhi: Central Bank of India has cut marginal cost of funds-based lending rate (MCLR) by 0.40 percentage points for all tenors. The new rates for overnight and 1 month tenors will be 7.05 percent. The new rates for 3 month tenor will be 7.35 percent. The new rates for 6 month tenor will be 7.50 percent. The new rates for 1 year tenor will be 7.60 percent.
The new rates will be effective from April 15, 2020, the bank said in a statement.
Banks has been cutting down MCLR and even Repo Linked lending Rate (RLLR) ever since RBI has cut Repo Rate by a massive 75 basis points in one go.