Allahabad Bank cuts MCLR by 5 basis points across tenors

NEW DELHI: State-owned Allahabad Bank has reduced the marginal cost of funds-based lending rate (MCLR) by 5 basis points, with effect from Monday.nnThe bank’s asset-liability management committee has reviewed the existing MCLRs and decided for a downward revision of MCLRs by 5 bps across different tenors, it said in a regulatory filing.nnThe benchmark one-year MCLR, against which most of the consumer loans are priced, will now stand at 8.35 per cent from the earlier rate of 8.40 per cent.nnOther tenor loans, ranging from overnight to six months, have been cut by same quantum standing between 7.85-8.20 per cent.nnThe revised rates will be effective from October 14 (Monday), the bank said.nnSource: Press Trust of India