Following peers, state-owned Bank of India has hiked lending rates based on MCLR by 0.10 per cent for various tenors.
The bank has increased MCLR rates by 10 bps (or 0.10 per cent) for various tenors, it said in a statement.
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 interest rate of 8.45 per cent, up 0.10 per cent from current rate of 8.35 per cent.
Bank of India said the enhanced rates would come into effect from June 10, 2018.
Banks review the MCLR every month, which is a uniform methodology introduced from April 2016 to ensure fair interest rates to borrowers as well as banks.
Stock of Bank of India 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.)