Corporation Bank has reduced the benchmark lending rate by 5 basis points (bps) across all tenors up to one year. The new rates are effective from March 15. This moves would make home, auto and other loans cheaper.
The marginal cost of funds based lending rate (MCLR) for overnight and one-month tenors would be 8.05 per cent and 8.20 per cent, respectively. The MCLR for one-year tenor was slashed to 8.90 per cent from 8.95 per cent. Most of the retail loans are benchmarked against one-year MCLR.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.
