One basis point is one-hundredth of a percentage point. The MCLR for one year tenor would now get reduced by 5 basis points, from 8.3 per cent to 8.25 per cent.
"As a result, interest rates on home, car and other retail loans are set to become one of the finest in the market. Allahabad Bank has always tried to offer its customers various products at an attractive rate, in the process, adding more than 5 million new customers during the last one year," it said in a statement.
The lender said some new innovative products are also on the anvil.
"Further the ALCO (Asset-Liability Committee) of the bank has also decided to reduce base rate and BPLR of the bank by 10 basis points," the lender said in a regulatory filing.
The revised base rate and benchmark prime lending rate (BPLR) of the state-run bank will be 9.60 per cent and 13.85 per cent, respectively.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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