Private sector DCB Bank on Monday said it has reduced marginal cost of funds based lending rates (MCLRs) by up to 0.18 percent across various tenors.
The benchmark one-year MCLR has been cut to 9.67 percent, the bank said in a release. It was 9.85 percent earlier.
The one-year MCLR is the rate against which most of the consumer loans are priced.
The new rates will come to effect from December 8, 2020, DCB Bank said.
Among other tenor loans – ranging from overnight to six-month, the MCLRs are cut by 0.03 percent each to 8.22-9.52 percent.
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