PNB - Punjab National Bank has cut the MCLR - marginal cost of funds based lending rate by 0.05-0.10 percentage points for the month of December across maturities of numerous tenors. The bank has reduced the MCLR with effect from 1st December 2016, it said in a regulatory filing.
MCLR is the new benchmark lending rate replaced by the RBI - Reserve Bank of India earlier this year. Calculated on the marginal cost of borrowing and return on net worth for banks, it has been introduced to ensure fair interest rates to borrowers as well as banks. Every month the MCLR rates are revised.
For a tenor of 5 years, the new MCLR is down by 0.05 per cent to 9.45 per cent. While that for 3-years, 1-year, 6-month, 3-month, 1-month and overnight tenor it has been cut by 0.1 per cent each in range of 9.30 per cent to 8.90 per cent.
Private sector lender South Indian Bank said that it has cut the MCLR in range of 0.05 per cent to 0.3 per cent for a select maturity period. For a 6-month tenor, the lending rate will be 0.05 per cent lower at 9.45 per cent, while that for one month and overnight period it is cut by 0.3 per cent each to 9 per cent and 9.05 per cent respectively.
The 3-month tenor MCLR will be down 0.25 per cent at 9.15 per cent for South Indian Bank.
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