Despite the Reserve Bank of India (RBI) pausing its spree on slashing repo rate, various banks have lowered their Marginal Cost of Funds Based Lending Rates (MCLR) over the past couple of days. Here's a list of banks that have gone for a cut as of Tuesday evening:
SBI
Country's largest lender State Bank of India on Monday announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year products, effective on Tuesday. This is the eighth consecutive cut in MCLR by the lender this fiscal.
The new one-year MCLR has been cut to 7.90 per cent from 8 per cent.
UCO Bank
UCO Bank has lowered its MCLR by 10 basis points across tenors with effect from Tuesday. The revised one-year MCLR now stands at 8.30 per cent, down from the existing 8.40 per cent, the state-run lender said in a release.
The revised overnight, one-month, three-month and six month tenor MCLR have been slashed by 10 basis points, it said. This will lead to all MCLR-linked loans becoming cheaper by way of similar reductions, UCO Bank said.
Bank of India
State-run Bank of India on Monday revised its one-year MCLR-based lending rates by up to 20 basis points across various tenors, effective Tuesday. The move comes hours after the larger peer State Bank of India announced 10 bps reduction to 9.90 per cent in its one-year MCLR or marginal cost-based lending rates-based loan pricing.
This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.
The lender has reduced its MCLR for overnight rates by 20 bps while for other tenors the cut is 10 basis points, a bank statement said, adding the overnight rates will stand at 7.75 per cent. The new one-year MCLR is fixed at 8.20 per cent as against 8.30 per cent.
HDFC Bank
HDFC Bank, the country's largest private sector bank, has cut the MCLR by up to 15 bps across all tenors. This rate cut comes after the bank reduced its MCLR by up to 10 bps across all tenors. The bank has stated that the latest rates will be applicable from December 7.
HDFC Bank's MCLR for 1 year tenor has been brought down to 8.15 per cent from the previous 8.30 per cent. The MCLR for the overnight tenor has been brought down by 15 bps from 7.95 per cent to 7.8 per cent, while the 1 month tenor has been cut from 8 per cent to 7.85 per cent. The 3 month tenor has been reduced from 8.05 per cent to 7.9 per cent and the 6 month tenor has seen a cut from 8.10 per cent to 8 per cent.
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Bank of Baroda
Following its peers like SBI, HDFC Bank and Bank of India, state-run Bank of Baroda also has lowered its marginal cost of funds-based lending rates (MCLR) by up to 20 bps across various tenors, effective December 12. The rate reduction comes even as the RBI in a surprise move had left the key policy rates unchanged at the last meeting on December 5.
But the lender has reduced its one-year MCLR rates, to which all retail loans are linked to, only marginally by 5 bps to 8.25 per cent, the bank said in statement on Tuesday. With this, BoB's overnight and one-month rates are down 20 bps to 7.65 per cent now.
It has also reduced by 10 bps in three-months and six months MCLR to 7.80 per cent and 8.10 per cent, respectively.
(With PTI inputs)
