Syndicate Bank cuts MCLR by 0.05% for select tenors

New Delhi: Public sector lender Syndicate Bank today slashed the marginal cost based lending rate (MCLR) by 0.05 percent for select maturities.

The Bengaluru-headquartered lender has cut the overnight, 1-month and 3-month MCLR by 0.05 percent each to 7.95, 8 and 8.05 percent.

The new MCLR rate will take effect from December 10, Syndicate Bank said in a statement today.

The MCLR for six-month and one year lending have been kept unchanged at 8.25 percent and 8.45 percent.

The bank said that there was no change in base rate and BPLR (Benchmark Prime Lending Rate) at 9.5 and 13.85 percent, respectively.

Banks review their MCLR rates on a monthly basis, which is relatively a new method of charging interest on advances.

Introduced in April 2016, the Reserve Bank in August said it is going to review MCLR on the contention that banks were passing on lesser repo rate revision benefits to consumers.