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IDBI Bank has reduced its marginal cost of funds based lending rate (MCLR) by up to 0.25 percent.
The bank has said in a statement that “The reduction in MCLR is expected to positively impact loan growth, thereby supporting the growth impulses in the economy.”
The one year MCLR, against which many long term loans that includes car loans and residential mortgages are benchmarked, has been reduced by 0.15 percent to 8.65 percent.
