State-owned Bank of Maharashtra has reduced its benchmark lending rates i.e. marginal cost of funds based lending rates (MCLR) across various tenors. The MCLRs have been reduced to 10 bps below the existing levels across all MCLR tenors w.e.f 8 October, 2019.
The Bank’s one year MCLR will be 8.40 percent, which is competitive as per the current market scenario. For all other tenors, overnight, one month, three months and six months rates are 8.05 per cent, 8.15 per cent, 8.20 per cent and 8.30 per cent respectively.
The Repo Linked Lending Rates (RLLR) for Retail & MSME borrowers have also been reduced by 25 bps in line with the reduction in Repo Rate by Reserve Bank of India. This will further benefit the Retail and MSME borrowers.