Andhra Bank cuts MCLR by 10 bps

Hyderabad: Andhra Bank will cut the marginal cost of funds based lending rates (MCLR) by 10 basis points across tenors from Tuesday.

The bank will decrease its MCLR and RLLR (repo-linked lending rate) from October 15 and November 1, respectively, it said in a regulatory filing.

The benchmark one-year tenor MCLR, which is used to price most of the consumer loans, has been brought down to 8.30 per cent from 8.40 per cent.

For other tenors - overnight to six-month - the new rates will be cut by 0.10 percentage points each, ranging from 7.80-8.20 per cent.

The revised RLLR from November 1 will be 8.10 per cent from existing 8.35 per cent, the bank said.