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IOB, Bank of Baroda raise MCLR rates by up to 0.10%, makes loan costly

The two and three-year MCLRs have been hiked by a similar margin to 7.80 per cent each

Topics
Bank of Baroda | IOB | loan rates

Press Trust of India  |  New Delhi 



Bank of Baroda
Bank of Baroda | Photo: Shutterstock

and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent, which will make most loans costlier for the customers.

Indian Overseas Bank has revised upwards the MCLR rates by 0.10 per cent across tenors, making consumer loans costlier from Saturday.

The benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent against the existing rate of 7.65 per cent.

This will impact car, personal and home loans.

The two and three-year MCLRs have been hiked by a similar margin to 7.80 per cent each.

Among others, the overnight MCLR will cost 7.05 per cent, while one month at 7.15 per cent. The three and six-month MCLRs are up at 7.70 per cent each.

The revised MCLRs will come into effect from September 10, 2022, Indian Overseas Bank said in a regulatory filing.

Bank of Baroda's one-year MCLR will be priced at 7.80 per cent against 7.70 per cent, the bank said in a regulatory filing.

The six-month MCLR will be up at 7.65 per cent from 7.55 per cent.

Among others, three-month MCLR will be at 7.50 per cent compared to 7.45 per cent.

said the new rates will come into effect from September 12, 2022.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Fri, September 09 2022. 23:35 IST

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