Bank of Maharashtra (BoM) has reduced its marginal cost of funds based lending rates (MCLR) across various tenors by up to 45 basis points with effect from January 7.
Following the cut, the public sector bank’s benchmark one year MCLR is now at 8.25 per cent (down from 8.40 per cent). MCLR is an internal benchmark of banks to which loans are linked.
The MCLR for other tenures are: overnight (7.60 per cent against 8.05 per cent earlier), one month (7.70 per cent against 8.15 per cent) and three months (7.75 per cent against 8.20 per cent).
"The reduction in Bank’s MCLR is aimed to support economic growth and industrial development and ensure rate transmission," the Pune-headquartered bank said in a statement.
The Bank has also revised its base rate by 10 basis points from 9.50 per cent to 9.40 per cent.