Bank of India, today, said it has reduced the lending rate linked to external benchmark by 75 basis points, to 7.25 percent, effective April 1.

The lender’s external benchmark lending rate is linked to the RBI’s repo rate, which was reduced by 75 basis points, to 4.40 percent, on March 27.

It has also cut benchmark marginal cost of funds based lending rate by 25 basis points across tenors from one year to one month, and by 15 basis points for overnight tenor.

The one-year marginal cost of funds is now 7.95 percent per annum.