new delhi allahabad bank has cut the marginal cost of funds based lending rate mclr by 005 percentage points across tenors effective february 14the asset liability management committee of the bank has reviewed the existing mclr and decided for a downward revision by 5 basis points bps across different mclr tenors the bank said in a regulatory filingthe benchmark oneyear tenor mclr will now be 825 per cent as compared to the existing 830 per centmost of the consumer loans such as retail automobile and personal are based on oneyear mclrlikewise the overnight three and sixmonth tenor mclrs have been cut by 5 bps each in the range of 775810 per cent there has been no change in onemonth mclr of 785 per centthe revised rates will be effective from february 14 2020 allahabad bank saidseveral other banks including state bank of india have revised their mclr following rbis policy rate announcement on february 6even though the regulator kept the repo rate unchange at 515 per cent banks were given other relief in the form of cash reserve ratio crr relaxation for loans to msmes