State-owned lender, Corporation Bank said that it has slashed its MCLR rate for all new rupee loans and advances including renewals with effect from 15th June 2017.
Corporation Bank has cut its MCLR rates for overnight, one-month and three-month tenors by 0.05 per cent each, the Bank said in a filing to the Bombay Stock Exchange.
Loan for overnight and one-month tenors will attract MCLR of 8.15 per cent each while that for three-month tenor, it will be 8.25 per cent.
For six-month and one-year tenors, Corporation Bank has kept MCLR untouched at 8.65 per cent and 8.75 per cent, respectively.
The new rates will be applicable for all new rupee loans and advances including renewals with effect from June 15, 2017, Corporation Bank added.
Meanwhile, shares of the Bank were trading at Rs 52.05 apiece, down 0.76 per cent from the previous close at 11:34 hours on BSE.