New Delhi: Bank of Maharashtra has cut marginal cost of funds based lending rates (MCLR) by up to 45 basis points across various tenors with effect from 7 January, making all kinds of loans cheaper including home loans.
The overnight rates have been cut from 8.05 percent to 7.6 percent. Similarly, the one-year rates have been slashed to 8.25 percent from 8.40 percent.
The one month MCLR has been slashed to 7.7 percent. The three month rates have been cut to 7.75 percent.
Bank of Maharashtra has revised its base rate by 10 basis points. The new rate is 9.40 percent.
The move by Bank of Maharashtra comes after loan rates were cut by SBI and HDFC last week. However, the quantum of reduction is the highest in the case of Bank of Maharashtra.
The Reserve Bank of India had kept the Repo Rate unaltered at 5.15 percent after its monetary policy review in December.