India, July 2 -- State-owned Indian Bank announced on Wednesday that it has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenure by 5 basis points, bringing it down to 9 percent.
The revised rate will come into effect from July 3, the bank said in a statement.
The one-year MCLR serves as the benchmark for pricing most retail loans, including auto, personal, and home loans.
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