Public sector lender Punjab National Bank Ltd. on Monday lowered its marginal cost-based lending rates by 10-15 basis points.
Overnight marginal cost of funds based lending rate (MCLR) has been lowered by 15 basis points to 8.05 per cent (one basis point is a hundredth of a percentage point).
For one, three and six months as well as one, three and five years, the new MCLRs have been lowered by 10 basis points each.
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The new MCLR for one-year tenure is 8.35 per cent and 8.50 per cent for three years. For the six-month tenure, the new rate is 8.30 per cent, the bank said in a release.
Lakshmi Vilas Bank has also lowered its one-year MCLR by 5 basis points to 9.70 per cent per year.
Banks review the MCLR on a monthly basis.
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