IDBI hikes marginal cost of funds based lending rate by up to 0.10%

State-owned IDBI Bank on Tuesday said it has increased the marginal cost of funds based lending rate (MCLR) by up to 0.10 per cent for various tenors.

The new lending rates took effect from August 12, the bank said in a statement.

For overnight and one-month tenor loans, the MCLR are increased by 0.05 per cent each to 8 per cent and 8.25 per cent respectively.

For three and six months of tenor, the new MCLR will be 8.45 per cent and 8.60 per cent.

The one year loan will be priced at 8.85 per cent, two year and three year tenors will be priced at 8.90 per cent each.