Corporation Bank has lowered its marginal cost of funds based lending rate (MCLR) by 0.1% point, for overnight loan maturities.

MCLR is calculated on the marginal cost of borrowing and return on net worth for banks.The bank in a regulatory filing stated that, the tenor based MCLR, for all new rupee loans and advances including renewals, will come into effect from December 15.

The overnight MCLR has been lowered by 0.1% from 7.90% to 7.80%. Further, for the remaining tenor the MCLR rates have been kept unchanged.

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