Mumbai: Bank of India has reduced its Benchmark Marginal Cost of Funds Lending Rate (MCLR) by 25 bps across all tenors. The one year MCLR is now at 7.70% p.a.
The External Benchmark Lending Rate which is linked to RBI’s Repo rate has been reduced by 40 bps to 6.85% p.a.
With this, the Bank has passed on the benefit of rate cut announced by RBI on 22nd May, 2020 to its Home, Vehicle and MSME customers.
Base rate has also been reduced from 9.40% to 9.00%. The reduction in interest rates will be effective from 1st June, 2020.