Andhra Bank to cut MCLR by 10 bps across all tenors from today

The benchmark one-year tenor MCLR, which is used to price most of the consumer loans, has been brought down to 8.30 per cent from 8.40 per cent.

PTI

October 15, 2019 / 08:58 IST

Andhra Bank

Andhra Bank will cut the marginal cost of funds based lending rates (MCLR) by 10 basis points across tenors from today. The bank will decrease its MCLR and RLLR (repo-linked lending rate) from October 15 and November 1, respectively, it said in a regulatory filing.

The benchmark one-year tenor MCLR, which is used to price most of the consumer loans, has been brought down to 8.30 per cent from 8.40 per cent.

For other tenors -- overnight to six-month -- the new rates will be cut by 0.10 percentage points each, ranging from 7.80-8.20 per cent.

The revised RLLR from November 1 will be 8.10 per cent from existing 8.35 per cent, the bank said.

PTI

first published: Oct 15, 2019 08:23 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347