Bank of Maharashtra (BoM) on Monday said it has slashed the marginal cost of fund-based lending rate (MCLR) by up to 0.35 per cent for various tenors.
The bank has reviewed the marginal cost of funds-based lending rate (MCLR) with effect from July 11, 2022, Bank of Maharashtra said in a regulatory filing.
The one-year tenor MCLR -- which is a benchmark for most of the consumer loans such as auto, home and personal -- has been revised down to 7.50 per cent from the existing 7.70 per cent, the bank said.
Likewise, the six-month tenor loan will have MCLR at 7.40 per cent, down by 0.20 per cent.
The three-month tenor rate is down by 0.35 per cent to 7.20 per cent, the state-owned lender said.
The overnight and one-month tenor loans will bear MCLRs of 6.90 per cent and 7 per cent, respectively, down by 0.25 per cent each.
Shares of Bank of Maharashtra traded at Rs 16.05 apiece on BSE, up by 0.63 per cent from the previous close.