Indian Bank, Bank Of India, UCO Bank cut lending rates; Home Loan to be come cheaper

New Delhi: Indian Bank has slashed marginal cost of fund-based lending rate (MCLR) by 0.30 percentage points for various tenors. 

The one year MCLR has been cut by 0.30 percentage points to 7.5 percent. It was 7.8 percent earlier. The new rates will be effective from 3 June.

The overnight rate has been cut to 7.2 percent. The one month rate has been cut to 7.25 percent, the bank said in a regulatory filing.

Bank of India (BoI) has slashed MCLR by 25 basis points. The new one year MCLR has become 7.70 percent. The one month MCLR has become 7.5 percent and the six-month MCLR has become 7.60 percent.

Uco Bank has cut the rates that are linked to the RBI’s repo rate by 40 basis points. UCO Bank cut repo based lending rate by 40 basis points to just 6.90 percent. It was 7.30 percent earlier. The changes will be with effect from 27 May 2020.