Oriental Bank of Commerce Cuts MCLR By15 Basis Points

New Delhi: Oriental Bank of Commerce has slashed the marginal cost of funds based lending rate (MCLR) by up to 15 basis points for various tenors by for various tenors.

The reduction has come into effect from today, the bank said in a regulatory filing. 

OBC has cut the one-year MCLR 15 basis points. One-year MCLR is the commonest rate for the customers. The one-year rate now stands at 8.15 percent.

For all the other tenors from overnight to 6-months, the rates have been slashed in the range of 5 to 10 basis points.

A whole lot of banks have cut MCLR since 1 January 2020 including SBI, HDFC and Bank of India.