DCB Bank cuts benchmark one-year MCLR by 0.18%

Private sector DCB Bank on Monday said it has reduced marginal cost of funds based lending rates (MCLRs) by up to 0.18 per cent across various tenors. The benchmark one-year MCLR has been cut to 9.67 per cent, the bank said in a release. It was 9.85 per cent earlier.

The one-year MCLR is the rate against which most of the consumer loans are priced. The new rates will come to effect from December 8, 2020, DCB Bank said. Among other tenor loans – ranging from overnight to six-month, the MCLRs are cut by 0.03 per cent each to 8.22-9.52 per cent. PTI