Allahabad Bank cuts lending rate by 5 bps
State-owned Allahabad Bank Monday announced reduction in benchmark lending rate by 0.05 percentage points across various tenors. The marginal cost of funds-based lending rate (MCLR) for one-year loan has been reduced to 8.60 per cent from 8.65 per cent effective May 14, Allahabad Bank said in a BSE filing. Most of the loans including housing loans are benchmarked against MCLR for one year.
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