Syndicate Bank Cuts Lending Rate
New Delhi: Syndicate Bank on Friday slashed its benchmark lending rate by up to 1 per cent, in the footsteps of bigger lenders like State Bank of India (SBI), ICICI Bank and others.
The public sector bank has reduced marginal cost of funds-based lending rate (MCLR) by 0.7 per cent to 8.75 per cent for 1 year tenor, Syndicate Bank said in a filing on stock exchanges.
With the reduction in benchmark rate, home, car and other loans linked to MCLR would become cheaper.
The bank has reduced MCLR by one per cent to 8.35 per cent from 9.35 per cent for one-month tenor, it said.
However, MCLR for the six-month period has been reduced by 0.8 percentage points to 8.60 per cent.
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