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Allahabad Bank has reduced its Marginal Cost of Funds based Lending Rate (MCLR) across all tenors by 15 basis point (or 0.15 per cent). The change comes into effect from November 1.
According to the new revision, MCLR for one year tenor has now been reduced to 8.30 per cent from 8.45 per cent.
Post this rate revision, the interest rate on home, car and other retail loans are set to become more competitive, it pointed out.
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