New Delhi, Sept. 2 -- Punjab National Bank and Bank of India have cut their marginal cost of funds-based lending rates for September, giving respite to the borrowers whose loans are linked to the MCLR system.

Marginal Cost of funds-basedlending rate is the minimum rate set by banks to compute interest on loans, including home, personal, and business loans.

PNB's overnightMCLR rates have been cut from 8.15 percent to 8 percent. One-month MCLR was cut from 8.30 to 8.25 percent. Three-month MCLR was cut from 8.50 percent to 8.45 percent.

(Source: pnb.bank.in)

Six-month MCLR was cut from 8.70 percent to 8.65 percent. One and three-year MCLR were cut by 5 basis points each to 8.80 percent and 9.10 percent.

Bank of India also revised its M...