Bank of India reduces MCLR and Housing, Vehicle and MSME loan interest rates

With this, the Bank has passed on the benefit of rate cut announced by RBI on March 27, 2020, to its Home, Vehicle and MSME customers.

Mar 30, 2020 02:03 IST India Infoline News Service

Bank of India has reduced its Benchmark Marginal Cost of Funds Lending Rate (MCLR) by 25 bps across tenors from one year to one month and by 15 bps for overnight tenor. The one-year MCLR is now 7.95% p.a.

The External Benchmark Lending Rate which is linked to RBI’s Repo rate has been reduced by 75 bps to 7.25% p.a. With this, the Bank has passed on the benefit of rate cut announced by RBI on March 27, 2020, to its Home, Vehicle and MSME customers.

The reduction in interest rates will be effective from April 1, 2020.

Tenor Existing MCLR Revised MCLR (% p.a)
One year 8.20 7.95
6 months 8.10 7.85
3 months 8.05 7.80
1 month 8.00 7.75
Overnight 7.40 7.25

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