IndianMascot
Core Member
State-owned Canara Bank, Indian Bank and private sector Kotak Mahindra Bank on Thursday cut lending rates by up to 0.1%, following the 0.25% repo rate cut by the RBI.
Canara Bank has effected downward revision in the base rate by 0.05% to 9.60% from 9.65%, it said in a regulatory filing. The new rate would be effective from 11 October, Canara Bank said.
Another state-owned lender Indian Bank has reduced marginal cost of funds based lending rate (MCLR) by up to 0.1%. For 1-year tenor loan, Indian Bank has reduced MCLR rate by 0.01% from 9.45% to 9.35%, effective 7 October. For all other tenures, the rate of reduction is 0.05%.
Private sector Kotak Mahindra Bank has reduced base rate by 0.1% to 9.40% from 9.50%, it said in a statement. It, however, has not cut the main marginal cost of funds based lending rate (MCLR) on which banks price their assets now. The cut in the base rate will help its existing borrowers as prior to this April.
Canara Bank has effected downward revision in the base rate by 0.05% to 9.60% from 9.65%, it said in a regulatory filing. The new rate would be effective from 11 October, Canara Bank said.
Another state-owned lender Indian Bank has reduced marginal cost of funds based lending rate (MCLR) by up to 0.1%. For 1-year tenor loan, Indian Bank has reduced MCLR rate by 0.01% from 9.45% to 9.35%, effective 7 October. For all other tenures, the rate of reduction is 0.05%.
Private sector Kotak Mahindra Bank has reduced base rate by 0.1% to 9.40% from 9.50%, it said in a statement. It, however, has not cut the main marginal cost of funds based lending rate (MCLR) on which banks price their assets now. The cut in the base rate will help its existing borrowers as prior to this April.
