NEW DELHI: Public-sector lender Syndicate Bank on Saturday slashed the marginal cost based lending rate (MCLR) by 0.05 per cent for select maturities.The Bengaluru-headquartered lender has cut the overnight, one-month and three-month MCLR by 0.05 per cent each to 7.95, 8 and 8.05 per cent.
The new MCLR rate be effective from December 10, the bank said in a statement.
The MCLR for six-month and one year lending have been kept unchanged at 8.25 per cent and 8.45 per cent, respectively. The bank also affirmed that there was no change in base rate and BPLR (Benchmark Prime Lending Rate) at 9.5 and 13.85 per cent, respectively.
Introduced in April 2016, the Reserve Bank of India in August said it is going to review MCLR on the contention that banks were passing on lesser repo rate revision benefits to consumers. Consequentlt, the banks review their MCLR rates on a monthly basis, which is relatively a new method of charging interest on advances.