OBC cuts MCLR by 0.05% for select tenors

Published On: 08, Dec 2017 | Source: business-standard.com

Public sector lender Oriental of Commerce (OBC) today slashed the marginal cost based lending rate (MCLR) by 0.05 per cent for select maturities.

The Gurgaon headquartered lender has cut the 1-month, 3- month and one year MCLR by 0.05 per cent each to 8.15, 8.20 per cent and 8.35 per cent.

The said the new MCLR rate will take effect from December 11, OBC said in a statement.

The MCLR for overnight, and six-month lending have been kept unchanged at 8.10 per cent and 8.30 per cent.

review their MCLR rates on a monthly basis, which is relatively a new method of charging interest on advances.

Introduced in April 2016, the Reserve in August said it is going to review MCLR on the contention that were passing on lesser repo rate revision benefits to consumers.