Bank of Maharashtra (BoM) has cut its Marginal Cost of Funds based Lending Rate (MCLR) in various tenors by 10-20 basis points with effect from August 7, 2020.
The overnight and one month MCLR has been cut by 20 basis points (bps) each to 6.80 per cent (7 per cent earlier) and 6.90 per cent (7.10 per cent), respectively. One year MCLR rate has been reduced by 10 bps to 7.40 per cent (from 7.50 per cent).
The Bank, in a statement, said it has reduced its MCLR consecutively for the fifth month.
BoM has also reduced its interest rate on gold loans offered to farmers and retail customers by 40-50 bps. Farmers can now avail the Agri Gold loan at 1-year MCLR of 7.40 per cent (7.80 per cent). Retail Gold Loan rate has been reduced to 7.50 per cent (from 8 per cent).
“The gold loan interest rate has been revised to meet the needs of farmers and retail customers at a cheaper cost considering the prevailing pandemic,” BoM said.