Moneycontrol
Get App
you are here: HomeNewsIndia
Last Updated : Aug 17, 2019 02:10 PM IST | Source: PTI

Punjab & Sind Bank cuts MCLR by up to 20 basis points

Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR.

Representative image
Representative image

State-owned Punjab & Sind Bank (PSB) on August 17 said it has lowered its marginal cost of funds based lending rate (MCLR) by up to 0.20 percent for various tenors.

"Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors and the same will be effective from 16.08.2019," Punjab & Sind Bank (PSB) said in a regulatory filing.

The public sector bank has lowered the benchmark one-year MCLR to 8.50 per cent from 8.70 percent earlier.

Close

Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR.

PSB has lowered MCLR on overnight, one-month, three-month and six-month duration loans by 0.15 percent to 8.20 percent, 8.30 percent, 8.40 per cent and 8.50 percent, respectively.

It also reduced MCLR on three-year tenor loans by 0.5 percent to 9.20 percent.

The rate cut follows an MCLR cut by the country's largest lender SBI post the RBI's decision to reduce the key interest rate (repo) by 0.35 percentage point to a nine-year low of 5.40 percent.

Oriental Bank of Commerce and IDBI Bank on August 15 announced a cut in the range of 0.05 to 0.15 percentage point in MCLR for various tenors.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Aug 17, 2019 01:58 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant