Central Bank of India has given a big gift to its customers. The Central Bank has reduced the Marginal Cost Based Interest Rate. The bank has reduced MCLR by 0.05 percent. In such a situation, if you are thinking of taking a loan then this can be a good opportunity. The bank has said that this deduction has been made on all types of loans, which will come into effect from Tuesday 16 September. Let us tell you that earlier many banks including SBI Bank Loan had cut interest rates. Earlier, Bank of Maharashtra has reduced MCLR from 7.40 per cent to 7.30 per cent and 7.30 per cent to 7.25 per cent on loans for one year and six months respectively.
According to the report, the bank has said that the one-year MCLR has been reduced from 7.15 per cent to 7.10 per cent. The MCLR for one day and one month has come down to 6.55 per cent from 6.60 per cent earlier. The bank has also cut MCLRs of three months and six months duration.
These banks cut
Earlier, Bank of Maharashtra also cut MLCR. The bank has reduced MCLR from 7.40 per cent to 7.30 per cent and 7.30 per cent to 7.25 per cent on loans for one year and six months respectively. Bank of Maharashtra has revised the MCLR for one-day, one-month and three-month loans to 6.80%, 7% and 7.20% respectively.
Indian Overseas Bank
Indian Overseas Bank has reduced MCLR by 0.10%. The bank’s one-year loan has been reduced to MCLR of 7.55 per cent from 7.65 per cent, the three-month and six-month MCLR has been reduced to 7.45 per cent and 7.55 respectively.
Loan will be cheaper
Explain that banks offer MCLR linked loans with a one-year reset frequency, so that customers take longer to get the benefit of a cut in the bank’s MCLR after the loan.