new Delhi: State-owned Indian Bank on Monday increased lending rates including marginal cost of funds based lending rates (MCLR) by up to 25 basis points. The new rates are effective from January 3, Indian Bank said in a regulatory filing.
The Asset Liability Management Committee (ALCO) of the bank has reviewed the Marginal Cost of Funds-Based Lending Rate (MCLR), Treasury Bills Linked Lending Rates (TBLR), Base Rate and Benchmark Prime Lending Rate (BPLR) and decided a . Upward revision in MCLR, TBLR, Base Rate and BPLR over various periods, it was noted. ,Also read: Golden Opportunity To Own Your Home In Noida! Authority selling 338 flats at this price; View key details here,
The one-year rate is used to fix most consumer loans, such as auto, personal and home loans. The bank said the overnight MCLR rate has been increased by 25 basis points to 7.75 per cent, while that for tenors of one month to six months has been increased by 20 basis points. ,Also read: Explained: Why You Cannot Buy Land In These States,
For one year maturity, it has been said to increase the new rate from 8.20 per cent to 8.30 per cent. Besides this, the lender revised the treasury bill benchmark lending rate (TBLR) in the range of 6.40 per cent to 6.85 per cent for various tenors.
The base rate has been increased by 25 basis points to 9.10 per cent while the benchmark prime lending rate has been raised to 13.35 per cent.