Oriental Bank of Commerce slashes one-year MCLR by 5 bps to 8.70%

Oriental Bank of Commerce on Tuesday said it has cut marginal cost of fund based lending rate for one-year tenor loan by 5 basis points to 8.70 per cent. The bank has revised the marginal cost of fund based lending rate (MCLR) for three loan tenors with effect from June 11, 2019, it said in a regulatory filing.
For six-month tenor, the new MCLR will be 8.60 per cent as against earlier rate of 8.70 per cent. For one-month tenor, the MCLR now stands at 8.35 per cent, down 10 basis points from the earlier rate.

Last week, SBI reduced interest rate on cash credit account and overdraft (OD) customers with limits above Rs 1 lakh, after the RBI reduced the repo rate by 25 basis points on June 6. Bank of Maharashtra has cut MCLR for one-year tenor loan by 10 basis points to 8.60 per cent.

The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced. Stock of Oriental Bank of Commerce closed 1.38 per cent up at Rs 91.90 on the BSE.