Central Bank of India has reduced the Marginal Cost of Funds based Lending Rates (MCLR) by 40 bps (1 bps = 0.01%) across all tenors with effect from 15/04/2020.

The revised  1-year MCLR rate now stands reduced from 8.00% p.a to 7.60% p.a

With this reduction, the rates being offered by the Bank have become quite competitive in the market.