IDBI Bank reduced its MCLR by 5-10 basis points to 8.95 percent

Life Insurance Corporation of India (LIC)-owned IDBI Bank reduced its Marginal Cost of funds based Lending Rate (MCLR) by5-10 basis points to 8.95% across various tenors with immediate effect on June 12.
Against one-year MCLR most of the customer loans such as auto, personal and home loans are priced.

Other Banks:
The state-run Oriental Bank of Commerce (OBC) reduced its one year MCLR by 5 basis points to 8.70% on June 10.
Also, Bank of Maharashtra has reduced its MCLR for one-year tenor loan by 10 basis points to 8.60%.

The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It is an internal benchmark or reference rate for the bank.

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