Karnataka Bank cuts MCLR by 5 bps

Karnataka Bank cuts MCLR by 5 bps

07/10/2016 16:09

Karnataka Bank said that it has reduced its marginal cost of funds based lending rate (MCLR) by 5 basis points with effect from October 1, 2016.

With this, one year MCLR of the Bank now stands at 9.15 per cent p.a., the bank said in a filing to the Bombay Stock Exchange.

The 1 year, 6 month and 3 month MCLR are revised to 9.15 per cent p.a, 9.10 p.a and 9.05 p.a, respectively.

Moreover, 1 month and overnight MCLR has also been revised to 9.00 per cent p.a and 8.90 per cent p.a.

Further, the Bank has also reduced the interest rate on housing loan to 9.50 per cent p.a. (for loans up to Rs 3 crore) and Car Loan to 10.25 per cent p.a. for new loans sanctioned on or after 01.10.2016. With this reduction in MCLR, the interest rate on Inland bill discounting (under LC) and Post shipment credit (backed by LC) is now reduced to 9.15 per cent p.a.

Karnataka Bank, a private sector lender engaged in providing a range of banking and financial services, including retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business.

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