MCLR on Select Maturities Increased by Vijaya Bank
New Delhi: State-owned Vijaya Bank has hiked marginal cost based lending rates (MCLR) by 0.05 percent for select maturities, following industry peers. In a regulatory filing, the bank informed that the MCLR has been revised with effect from September 7, 2018.
The one-year MCLR, against which consumer loans are benchmarked, has been raised to 8.70 percent from 8.65 percent earlier.
Among others, six, three, one month and overnight MCLRs will attract 0.05 percent higher interest each in the range of 8.60–8.05 percent.
However, it has kept the MCLRs unchanged for three year and two-year loans at 9.25 percent and 9 percent, respectively.
Last week, industry leader SBI had increased the lending rate by 20 basis points or 0.20 percent across all tenors up to three years.
Apart from the lending rate, the MCLR for a one-year tenor has also been increased by the SBI from 8.25 percent to 8.45 percent.
ICICI Bank and Bank of Baroda to have raised their MCLRs.