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Bank of India ups MCLR by 0.10% from Jun 10 for various tenors

Press Trust of India  |  New Delhi 

Following peers, state-owned of India has hiked lending rates based on MCLR by 0.10 per cent for various tenors.

The has increased MCLR rates by 10 bps (or 0.10 per cent) for various tenors, it said in a statement.

"of India has revised upward marginal cost-based lending rate for one-year at 8.50 per cent while overnight rate up by 10 bps at 7.90 per cent," the

Among others, the one-month and three-month marginal cost of lending rate (MCLR) have been enhanced by 0.10 per cent or 10 bps each to 8.20 per cent and 8.30 per cent, respectively.

The MCLR of six-month tenor will bear rate of 8.45 per cent, up 0.10 per cent from current rate of 8.35 per cent.

said the enhanced rates would come into effect from June 10, 2018.

such as SBI, and have already increased their MCLR making consumer loans such as auto, home and business loans costly.

Among those who have joined the bigger banks include private sector and

Banks review the MCLR every month, which is a uniform methodology introduced from April 2016 to ensure fair rates to borrowers as well as banks.

Stock of was trading at Rs 100.15 on BSE, up 1.68 per cent, from previous close.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 08 2018. 13:25 IST
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