Latest News | IOB Raises MCLR by 10 Basis Points
Get latest articles and stories on Latest News at LatestLY. State-owned Indian Overseas Bank (IOB) has increased the marginal cost of funds based lending rate across tenors by 0.10 per cent.
New Delhi, Jul 8 (PTI) State-owned Indian Overseas Bank (IOB) has increased the marginal cost of funds based lending rate across tenors by 0.10 per cent.
"Our bank has revised the MCLR with effect from July 10, 2022 until further review," IOB said in a regulatory filing.
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The new rates, which will come to effect from July 10, will range in 6.95-7.55 per cent.
The one-year MCLR, the benchmark for most of consumer loans such as auto, personal and home, will be raised to 7.55 per cent from the existing 7.45 per cent. Alongside, the two and three year MCLR are also increased by the same quantum to 7.55 per cent each.
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The overnight to six month MCLR are hiked in the range of 6.95-7.50 per cent, up by 0.10 per cent from previous rates.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)