Karur Vysya Bank cuts lending rate by 10 bps across all tenors

Private sector Karur Vysya Bank on Friday reduced the marginal cost of funds-based lending rate (MCLR) by 10 basis points (0.10 percentage points) across all tenors, making loans linked to the benchmark cheaper.

The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, will be at 9.45 per cent against the existing rate of 9.55 per cent, Karur Vsysa Bank said in a regulatory filing.

Among others, the rate of one-month, three-month, and six-month tenors will be in the range of 9.30-9.45 per cent. The MCLR on overnight tenor will be 9.15 per cent against 9.25 per cent.

The new MCLR of the bank will come into effect from September 7, it said.

It is to be noted that the Reserve Bank of India (RBI) last month kept its benchmark lending rate unchanged at 5.5 per cent.

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