Indian Bank to Hike MCLR by 10 to 20 bps Across Loan Tenures From August: (See More Details)

- Advertisement -

Indian Bank, a public sector lender, has joined other banks like ICICI Bank and PNB to raise MCLR.

Indian Bank will increase its MCLR by between 10 and 20 bps for all tenors starting 03.08.2022.

Advertisements

The MCLR (Marginal Cost of Funds Based Loan Rate) is the minimum or lowest interest rate at which financial institutions cannot grant loans.

As a result, Indian Bank will increase its MCLR by 10 to 20 bps across all tenors effective 03.08.2022.
Indian Bank MCLR

Advertisements

The overnight MCLR at the moment is 6.75 percent, the one month MCLR 6.95%, the three-month MCLR 7.15%, the six-month MCLR 7.40%, and the one year MCLR 7.55%. PTI reports that the bank increased the 1 year MCLR 10 bps to 6.65% from 7.55%.

The Treasury Bill Benchmark Linked Lending rate (TBLR) for more than one year was increased from 6.10 to 6.15 percent.

Advertisements

Indian Bank informed PTI that the other tenor rate MCLRs have been increased from overnight to six months to 6.85 to 7.50 percent.

According to Indian Bank, the updated MCLR/TBLR will take effect on August 3rd.

Advertisements

Other banks, such as ICICI Bank and PNB, have increased their MCLR ahead of the RBI policy meeting.

ICICI Bank has raised MCLR 15 bps across all tenors. The BOI has raised the MCLR 10 bps across all tenors.

Advertisements

The MCLR of Punjab National Bank (PNB), has been increased by 10 bps across all tenors.

The new MCLR rates will take effect on 1 August 2022.

Advertisements

As a result, borrowers who took out personal, vehicle and home loans from any of these banks will have to pay higher equivalent monthly installments (EMIs).

Advertisements
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest

- Advertisement -

More Articles