Allahabad Bank reduces MCLR

Allahabad Bank, a premier nationalized Bank, has reduced its marginal cost of Funds based Lending Rate (MCLR) across all tenors with effect from 01.09.2017,by 5 basis point. The details are as below: Overnight MCLR 7.95%; One month MCLR 8.05%; Three months MCLR 8.25%; Six months MCLR 8.35%;One year MCLR 8.45%; Two year MCLR 8.65% and Three year MCLR 8.70%. The MCLR for one year tenor, would now get reduced by 5 basis points, i.e., from 8.50% to 8.45%,as a result, Home, Car loans and other Retail loans are slated to get cheaper in this festival season. Allahabad bank has always tried to offer its customers various products at an attractive rate, adding in process, more than 5 million new customers during the last 1 year. Some new innovative products are also on the anvil.