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Wednesday, May 4, 2016

YES Bank cuts lending rate

YES Bank has reduced its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors. The MCLR for one year now stands at 9.5 per cent, against 9.6 per cent earlier. The MCLR cut is effective from May 1. On Monday, State Bank of India, the country’s largest bank, announced a five basis points cut in its MCLR across maturities. After the cut, SBI’s one-year MCLR now stands at 9.15 per cent, against 9.20 per cent earlier. Once the MCLR is pared, all loans linked to it, including home, car, personal, and education, become a tad cheaper.

Source : Thehindubusinessline


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