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Indian Bank hikes MCLR by 0.10% across tenors from Sept 3

Indian Bank hikes MCLR by 0.10% across tenors from Sept 3

The benchmark one-year MCLR will be 7.75 per cent from September 3 against the existing rate of 7.65 per cent.

Indian Bank increases MCLR by 0.10 per cent Indian Bank increases MCLR by 0.10 per cent

State-owned Indian Bank has revised the marginal cost of funds-based lending rates (MCLR) by 0.10 per cent across tenors from Saturday, which will make most of the consumer loans costlier.

It has also revised the lending rates benchmarked on treasury bills.

The Asset Liability Management Committee (ALCO) of the bank has reviewed the Benchmark Lending Rates and decided on an upward revision in MCLR and TBLR across various tenors, the lender said in a regulatory filing on Thursday.

The benchmark one-year MCLR will be 7.75 per cent from September 3 against the existing rate of 7.65 per cent.

The one-year rate is used to fix most consumer loans such as auto, personal and home loans.

The overnight to six months tenor MCLRs are raised by 0.10 per cent each in the range of 6.95 to 7.60 per cent.

Besides, the lender also revised the treasury bills benchmark lending rate (TBLR) in the range of 5.55 per cent to 6.20 per cent for various tenors. 

 

Also read: ICICI Bank hikes MCLR Rates by 10 bps; home, car loan EMIs to go up