Mumbai, July 05, 2016: IDBI Bank reduces Marginal Cost of Funds based Lending Rates ( MCLR ) as under :
| Tenor | MCLR ( in % ) |
| Overnight | 8.60 |
| One Month | 9.00 |
| Three Month | 9.15 |
| Six Month | 9.25 |
| One Year | 9.30 |
| Two Year | 9.55 |
| Three Year | 9.70 |
The above revised rates are applicable w.e.f. July 01, 2016.
The Bank’s Base Rate is at 9.75% p.a. while BPLR is at 14.25% p.a. The reduction in MCLR is expected to positively impact loan growth; both in the retail consumer segment, corporate sector lending, thereby supporting the growth impulses in the economy.
About the Bank
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. This enables the Bank to offer personalized banking and financial solutions to its clients. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers. The Bank offers very competitive rates to the MSME segment wherein it has different schemes for the specific customer segments. IDBI Bank also has a strong focus on agriculture sector and allied activities through its customized products, competitive pricing and personalized services.