scorecardresearchYour home loan EMIs set to rise further as IOB, Bank of Baroda raise MCLR

Your home loan EMIs set to rise further as IOB, Bank of Baroda raise MCLR rates by up to 0.10%

Updated: 10 Sep 2022, 09:42 AM IST
TL;DR.

Indian Overseas Bank has revised upwards the MCLR rates by 0.10 per cent across tenors, making consumer loans costlier from Saturday.

A vegetable vendor counts Indian rupee banknotes at a vegetable market in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

A vegetable vendor counts Indian rupee banknotes at a vegetable market in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

(PTI) Bank of Baroda and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent, which will make most loans costlier for the customers.

Indian Overseas Bank has revised upwards the MCLR rates by 0.10 per cent across tenors, making consumer loans costlier from Saturday.

The benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent against the existing rate of 7.65 per cent.

This will impact car, personal and home loans.

The two and three-year MCLRs have been hiked by a similar margin to 7.80 per cent each.

Among others, the overnight MCLR will cost 7.05 per cent, while one month at 7.15 per cent. The three and six-month MCLRs are up at 7.70 per cent each.

The revised MCLRs will come into effect from September 10, 2022, Indian Overseas Bank said in a regulatory filing.

Bank of Baroda's one-year MCLR will be priced at 7.80 per cent against 7.70 per cent, the bank said in a regulatory filing.

The six-month MCLR will be up at 7.65 per cent from 7.55 per cent.

Among others, three-month MCLR will be at 7.50 per cent compared to 7.45 per cent.

Bank of Baroda said the new rates will come into effect from September 12, 2022.

First Published: 10 Sep 2022, 09:42 AM IST