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Allahabad Bank reduces the lending rate by 0.85%

Allahabad Bank has reduced its benchmark lending rate by 0.85 percent.

Allahabad Bank has said in a statement that the bank has reduced the marginal cost of funds based lending rate (MCLR) by 0.85 percent to 8.60 percent for 1 year tenor.

On account of reduction in the benchmark rate, the home, car and other loans linked to MCLR would become cheaper.

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