New Delhi, May 13 (KNN) Allahabad Bank Monday announced reduction in benchmark lending rate by 0.05 percentage points across various tenors.

Most of the loans including housing loans are benchmarked against MCLR for one year.

The marginal cost of funds-based lending rate (MCLR) for one-year loan has been reduced to 8.60 per cent from 8.65 per cent effective May 14, Allahabad Bank said in a BSE filing.