ALLAHABAD BANK REDUCES mclr BY 5 BASIS POINTS

Kolkata: Allahabad Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenors with effect from September 1 by 5 basis point. The MCLR for 1 year tenor, would now get reduced by 5 basis points from 8.50 percent to 8.45 percent. Home, Car loans and other Retail loans are slated to get cheaper in this festival season. Allahabad bank has always tried to offer its customers various products at attractive rate, adding in process, more than 5 million new customers during the last 1 year.