Indian Overseas Bank Raises MCLR By 10 Basis Points

The new rates, which will come to effect on July 10, will range from 6.95-7.55 per cent

Updated on: 8 July 2022 10:22 pm

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.

The new rates, which will come to effect on July 10, will range from 6.95-7.55 per cent.

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The one-year MCLR, the benchmark for most 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.

The overnight to six-month MCLR is hiked in the range of 6.95-7.50 per cent, up by 0.10 per cent from previous rates.