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

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.