Indian Bank Cuts Treasury Bills-Linked Lending Rate And MCLR Rates

Indian Bank on Wednesday announced cuts to its Treasury Bills Linked Lending Rates for various loan tenures, effective from Saturday. The TBLR for loans of more than one year and up to three years has been reduced to 6.10% from 6.50%.

The rate for loans exceeding six months but not more than one year has been reduced to 6.10% from 6.55%, while the rate for loans of up to three months has been lowered to 6.05% from 6.45%, the bank said in an exchange filing.

Additionally, the bank has cut its Marginal Cost of Funds-based Lending Rate (MCLR) for overnight loans to 8.25% from 8.30%. The MCLR for one-month loans has been reduced to 8.50% from 8.55%. The MCLR for loans with a three-month tenure remains unchanged at 8.70%, while the rate for six-month loans and one-year loans remains steady at 8.95% and 9.10%, respectively.

The bank has also kept its Base Rate unchanged at 9.80%, the Benchmark Prime Lending Rate steady at 14.05%, and the Repo Linked Benchmark Lending Rate unchanged at 8.70%.