The Bank of Maharashtra and Corporation Bank have reduced their MCLR rates in the range of 0.05 to 0.35 percent.
It has said in a release that “Bank of Maharashtra has slashed its marginal cost of funds based lending rates (MCLR) by up to 0.35 percent with effect from June 7, 2017.”
The new rates for overnight, one-month and three month tenors have been revised down to 8.30 percent, 8.35 percent and 8.40 percent, respectively.
The Bank of Maharashtra has further said that MCLR for 6 month tenor and one-year is kept (unchanged) at 8.75 percent.
