Indian Bank hikes Marginal Cost of Funds Based Lending Rates (MCLR) on various tenors for borrowers. A 5 basis points increase has been made on the benchmark lending rates.
The new rates will come into effect from August 03, 2021.
The lender levies 7.35% MCLR on a 1-year tenor compared to the existing 7.3%.
For the six-month tenor, MCLR will be 7.25% from the current 7.2%. Also, MCLR on overnight has been raised to 6.95% from the existing 6.9%.
However, the lender has kept MCLR on 1-month and 3-months unchanged at 7.05% and 7.15% respectively.
On Sensex, Indian Bank stock finished at Rs139.40 per piece up 0.4%.