Indian Bank Cuts TBLR-Based Loan Rates - Lower Interest Rates

New Delhi, May 2 (PTI) State-owned Indian Bank on Thursday cut the Treasury Bills benchmark lending rates (TBLR) across tenure, with effect from May 3.

The bank, however, retained the marginal cost of funds ( MCLR)-based lending rates.

TBLR for loans of 3 months or less will have interest of 6.85 per cent, lower than 6.9 per cent currently. Loans for more than 3 months, but less than 6 months will attract an interest rate of 7 per cent against 7.10 per cent currently.

TBLR loans for less than a year and that of between 1 year to less than 3 years will carry interest of 7.05 per cent compared to 7.10 per cent presently.

"The Asset Liability Management Committee (ALCO) of the Bank has reviewed the Marginal Cost of funds based Lending Rate (MCLR), Treasury Bills Linked Lending Rates (TBLR), Base Rate and Benchmark Prime Lending Rate (BPLR) and decided for downward revision of TBLR, across Tenors," Indian Bank said in a regulatory filing.