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Last Updated : May 13, 2019 02:20 PM IST | Source: PTI

Allahabad Bank cuts lending rate by 5 bps

The marginal cost of funds-based lending rate (MCLR) for one-year loan has been reduced to 8.60 percent from 8.65 percent effective May 14, Allahabad Bank said in a BSE filing.

 
 
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State-owned Allahabad Bank on Monday announced reduction in benchmark lending rate by 0.05 percentage points across various tenors.

The marginal cost of funds-based lending rate (MCLR) for one-year loan has been reduced to 8.60 percent from 8.65 percent effective May 14, Allahabad Bank said in a BSE filing.

Most of the loans including housing loans are benchmarked against MCLR for one year.

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The revised MCLR for one, three and six months loan are 8.20 per cent, 8.40 per cent and 8.45 per cent, respectively, it said.

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First Published on May 13, 2019 02:15 pm
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