INSUBCONTINENT EXCLUSIVE:
Bank of India has hiked the MCLR by 0.10% each for various tenors.New Delhi: Joining peers, three state-owned lenders today announced
raising interest rate in the range of 0.05-0.15 per cent, to be effective next week
Bank of India has hiked the marginal cost based lending rate (MCLR) by 0.10 per cent each for various tenors; the Oriental Bank of Commerce
by 0.10-0.15 per cent and Syndicate Bank effected a change of 0.05 per cent for one-year tenor loan
The hike follows the Reserve Bank this week raising the key lending rate by 0.25 per cent citing inflation concerns on rising oil rates
BoI said in a statement that it has revised upwards the MCLR for one-year to 8.50 per cent, while overnight rate is up by 10 bps to 7.90 per
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
select tenors by up to 0.15 per cent to be effective from June 11
It said the bank has decided to increase MCLR by 10 basis points/bps to 15 bps (0.10 -0.15 per cent) across various tenors effective from
tenor, the rate has been increased by 0.15 per cent to 8.65 per cent and that for 6-months, it has been raised by similar quantum to 8.60
One month MCLR rate is also revised up by 0.15 per cent to 8.35 per cent
Manipal-based Syndicate Bank has raised the MCLR on one year loan to 8.55 per cent from the earlier 8.50 per cent
those who have joined the bigger banks include private sector Karur Vysya Bank and Indian Bank
Banks review the MCLR every month, which is a uniform methodology introduced from April 2016 to ensure fair interest rates to borrowers as
