ALLAHABAD BANK REDUCES MCLR BY 5 BASIC POINTS

Kolkata, Dec 5: State-run Allahabad Bank on Wednesday said it has reduced its Marginal Cost of Funds-based Lending Rate (MCLR) by 5 basis points (bps) across all tenors with effect from December 1.

The MCLR for one year tenor, would now get reduced by 5 basis points, from 8.30 per cent to 8.25 per cent.

“As a result, interest rates on home, car and other retail loans are set to become one of the finest in the market. Allahabad Bank has always tried to offer its customers various products at an attractive rate, in the process, adding more than 5 million new customers during the last one year,” it said in a statement.

The lender said some new innovative products are also on the anvil.