Vijaya Bank hikes cost of lending rates for select tenor up to 50 bps

State-owned Vijaya Bank on Wednesday raised the marginal cost of funds-based lending rate, the floor rate at which it lends to consumers, for select tenors by up to 0.5 per cent.

"The bank has decided to revise the marginal cost of funds based lending rate (MCLR) with effect from July 5, 2018," Vijaya Bank said in a filing to stock exchanges.

For loan of a three-year tenor, the borrowing rate will be costlier by 0.50 per cent to 9.25 per cent. While for one and two loan terms, the new rates are up by 0.05 per cent and 0.35 per cent, respectively.