July 11, 2020 13:22 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Amid COVID-19 cases spike, UP govt announces lockdown from Friday night till Monday morning | West Bengal's COVID-19 tally nears 26000-mark with highest single-day spike of 1088 cases | Cabinet passes extending PM Garib Kalyan Anna Yojana till November | West Bengal COVID-19 Lockdown: German Consulate says it will restrict office presence to the lowest | 'Communist China terrorist': Tibetan cycle rally against Beijing cheers for India
Bank of India reduces MCLR, MSME, housing and auto loan interest rates

Bank of India reduces MCLR, MSME, housing and auto loan interest rates

India Blooms News Service | @indiablooms | 29 May 2020, 12:36 pm

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.

Related Videos
India gives companies $20.5 bln tax break 24 Sep 2019, 05:19 pm