MCLR on 1-year tenor stands at 7.10% from earlier 7.15%.
Meanwhile, MCLR of 6.55% is imposed on overnight and one-month tenor compared to previous 6.60%.
Further, the three-month and six-month tenor has witnessed MCLR of 6.85% and 7% respectively.
MCLR is the benchmark lending rate for term loans like personal loans, home loans, corporate loans and vehicle loans. Banks cannot lend below this benchmark. Thereby, when MCLR is reduced, EMIs are also expected to follow the same, however, depending upon bank-to-bank.
On Tuesday, Central Bank of India stock will remain in focus. In the previous closing, the bank's stock stood at Rs16.35 per piece down 0.91% on Sensex.