Allahabad Bank reduced MCLR, home and auto loans cheap

Feb 14 2020 10:23 AM
Allahabad Bank reduced MCLR, home and auto loans cheap

After ACBI (SBI) and Bank of Baroda (BOB), now Allahabad Bank (Allahabad Bank) is also cutting its MCLR. In addition, the bank has announced a reduction of five basis points in the MCLR. The bank has made this reduction in MCLR for all the time periods. The new rates may come into effect from 14 February after the deduction. This will now make home and auto loans cheaper.

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"The Asset Liability Management Committee of the bank has made changes to the existing MCLR and has decided to reduce it by five basis points for all the different MCLR timelines," the bank said in a regulatory filing. With this, the one-year benchmark MCLR will now be 8.25 percent, which is currently 8.30 percent. Apart from this, most consumer loans like retail, automobile and personal are based on one year MCLR.

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Similarly, the three and six-month MCLRs have also come in the range of 7.75 to 8.10 percent after the deduction of five basis points. At the same time, there has been no change in the one month MCLR. It is 7.85 percent. It is being told that the Reserve Bank of India did not make any change in the repo rate in its last monetary policy for the current financial year released on February 6. The RBI maintained the repo rate at 5.15 percent.

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