Andhra Bank revises MCLR rates

Hyderabad: Andhra Bank has changed the Marginal Cost of Funds based Lending Rate (MCLR) effective from May 15, 2019 and will be unchanged across all five tenors (Overnight, One month, three months, six months and one year).

MCLR for these tenors are 8.20 per cent for overnight, 8.25 per cent for one month, 8.45 per cent for three months, 8.60 per cent for six months and 8.75 per cent for one year.

On similar lines, State-owned Allahabad Bank announced a reduction in benchmark lending rate by 0.05 percentage points across various tenors.

The marginal cost of funds-based lending rate (MCLR) for a one-year loan has been reduced to 8.60% from 8.65% effective May 14.Most of the loans including housing loans are benchmarked against MCLR for one year.

The revised MCLR rates are 8.2 per cent for one month, 8.4 per cent for three months, 8.45 per cent for six months.

Country's largest lender State Bank of India (SBI) has also its MCLR by 5 bps across all tenors with 1 Year MCLR coming down from 8.5 per cent per annum to 8.45 per cent per annum.