CSB Bank has given good news to the customers. The bank has reduced the MCLR by 0.10% on loans with a tenure of 6 months. The bank has issued a statement about this. The bank said that the new interest rates will be fixed from December 1, 2020. However, there has been no change in the rate of loans for a period of one year. For customers taking a loan for one year, the interest rate will be 9.50 percent.
Interest rates will be this much: Let us tell you that the marginal cost of the fund will be between 7.70 to 8.50% on the loan of one day to 6 months duration.
>> Overnight MCLR - 7.70% pa
>> One month MCLR - 7.80% pa
>> Three month MCLR - 8.10% pa
>> Six month MCLR - 8.50% pa
>> One Year MCLR - 9.50% pa
Many banks revisited MCLR:
Before telling you, many banks have revised their loan rate. Many banks including Bank of Baroda, Union Bank, SBI, Punjab National Bank, HDFC Bank, ICICI Bank have revived MCLR.