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Oriental Bank cuts MCLR for various tenors by up to 0.15%

Oriental Bank cuts MCLR for various tenors by up to 0.15%

New Delhi: State-owned Oriental Bank of Commerce on Thursday announced to cut the marginal cost of funds based lending rate (MCLR) for various tenors by 0.05-0.15 per cent.

The bank has decided to reduce the MCLR for different tenors with effect from January 10, 2020, it said in a regulatory filing.

It has cut the benchmark one year MCLR — against which most of the consumer loans are priced — by 0.15 percentage points to 8.15 per cent.

For other tenors from overnight to 6-months, the MCLRs have been cut in the range of 0.05-0.10 per cent.

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