Srinagar, Dec 10:
J&K Bank has lowered its marginal cost of funds-based lending rate (MCLR)
by 0.10 percent for various tenors. The move is in line with the regulators
directions to pass on the benefit of reducing cost of funds to the borrowers.
The bank after
reviewing the MCLR for different tenors lowered its benchmark one-year MCLR to
8.45 pc from 8.55 pc effective from December 10, 2019.
The marginal cost
of funds-based lending rate (MCLR) is the minimum interest rate that a bank can
lend at and is a tenor-linked internal benchmark.
The Reserve Bank
of India introduced the MCLR methodology for fixing interest rates from 1 April
2016. It replaced the base rate structure, which had been in place since July