IOB, Bank of Baroda raise MCLR rates, makes loan costly

Bank of baroda and indian overseas bank have raised their mclr rates by up to 0.10 percent, so one can make maximum loans costlier for the clients.

Indian overseas bank has revised upwards the mclr fees by 0.10 percent throughout tenors, making consumer loans costlier from saturday.

The benchmark 1-year tenor marginal fee of funds based lending rate (mclr) has been revised to 7.75 percent towards the present rate of 7.65 percent.

This will impact car, personal and home loans.

The two and three-year mclrs were hiked through a similar margin to 7.80 percent each.

Amongst others, the overnight mclr will cost 7.05 percent, whilst one month at 7.15 percent. The 3 and 6-month mclrs are up at 7.70  percent each.

The revised mclrs will come into impact 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 percent.

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.