Industrial Development Bank of India (IDBI) has reduced Marginal Cost of funds based Lending Rate (MCLR) by 5 basis points to 10 basis points across various tenors. One basis point is a hundredth of a percentage point. The revised rates are applicable from April 12.
The decision comes two days after India's largest lender State Bank of India reduced the lending rates by a marginal 5 basis points across all tenors. The lender also cut interest rates on housing loans up to Rs 30 lakh by 10 basis points.
The decisions follow a 25 basis points cut in repo rate by the Reserve Bank in its first monetary policy review announced last week. In the February policy review also the monetary authority had lowered the key rates by a similar quantum.
Below is a table of the revised rates of IDBI Bank:
-Inputs from PTI
First Published: IST