The marginal cost of funds-based lending rate (MCLR) across maturities rose 0.10% by public sector lender Indian Overseas Bank (IOB). The new rates range from 6.95 to 7.55% and take effect July 10. The bank raised the overnight rate to one-month MCLR from 6.85% to 6.95%. The 3 to 6 month MCLR increased from 7.40 to 7.50%. The benchmark rate for the retail long segment, including auto, personal and home loans, was raised from the current 7.45% to 7.55%. Additionally, the two- and three-year MCLRs are each raised by 7.45-7.55%.
If you are an existing IOB borrower, the bank will increase the interest rate on your loan on the monthly reset date in accordance with the new MCLR.
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Meanwhile, private lender IDFC First Bank is raising benchmark lending rates by 10 to 15 basis points over a range of tenors. Effective July 8, 2022, revised Marginal Cost of Funds (MCLR) Lending Rate rates will be in effect. Currently, the MCLR rate for a one-year term is 8.80%, while the rate for a six-month term is 8.50%. The three-month MCLR is 8.20%. While the MCLR is 7.95% for one-month and overnight terms.
According to a statement released with the BSE, Canara Bank has increased the marginal cost of the funds-based lending rate (MCLR) and the repo-linked lending rate (RLLR) on all terms beginning July 7, 2022. In all mandates, the bank increased MCLR by 10 basis points. The bank’s website indicates that the current one-day to one-month MCLR is 6.75%. The MCLRs for three and six months are 7.05 and 7.45%, respectively, and 7.50% for the 1-year MCLR. On the other hand, HDFC Bank recently increased its MCLR by 20 basis points effective July 7. Overnight MCLR is now 7.70% from 7.50% previously and MCLR is 7.75% for one month according to the HDFC Bank website. The MCLRs for the three and six months are 7.80 and 7.90%, the three year MCLR will be 8.25%, the two year MCLR will be 8.15% and the one year MCLR, which is linked to many loans. products, will now be 8.05 percent.