Syndicate Bank cuts MCLR across tenors by 5 bps from June 15

State-owned Syndicate Bank has reduced it marginal cost of funds-based lending rate (MCLR) by 5 basis points for various tenors, effective June 15.

The benchmark one-year MCLR, which forms basis of most of consumer and personal loans, will be at 8.60 per cent as compared with 8.65 per cent currently, the bank said in a regulatory filing.

Overnight, one-, three- and six-month MCLRs have also been cut by 5 bps each to 8.15 per cent, 8.25 per cent, 8.45 per cent and 8.55 per cent, respectively.

The base rate has been kept unchanged at 9.50 per cent, while the benchmark prime lending rate (BPLR) also stands unchanged at 13.85 per cent.