New Delhi, Feb 7 (SocialNews.XYZ) Bank of India has reduced MCLR by 10 bps for maturities upto 6 months.
The bank has reduced interest rates on housing loans, which will now be available from 8 per cent annually and vehicle loans will now be priced from 8.5 per cent from February 10, the bank said in a statement.
Earlier State Bank of India, the country's largest lender by assets, had announced a reduction in its benchmark lending rates across all tenors. The bank said its marginal cost of funds-based lending rate (MCLR) will be reduced by 5 basis points (0.5 percentage point), and the new rates will take effect on February 10.
The announcements from banks came a day after the RBI's monetary policy committee (MPC) kept repo rate unchanged at 5.15 percent. Repo rate is the interest rate at which the RBI lends money to commercial banks.
Source: IANS
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