PremiumIndusInd Bank has announced an increase in its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenors of 5 to 15 basis points, following the trend of rising interest rates on deposit and loan products. According to the bank's official website, the new MCLRs will go into effect on December 22, 2022. IndusInd Bank is now offering an overnight MCLR of 8.80%, 1 month MCLR of 8.85%, 3 month MCLR of 9.20%, 6 month MCLR of 9.60%, 1 year MCLR of 9.95%, 2 year and 3 years MCLR of 10.15%.
With respect to IndusInd Bank's home, automobile, and personal loans, a rise in the MCLR would result in higher equated monthly instalments (EMIs) for both new and existing borrowers in the coming months. The Reserve Bank of India maintains the MCLR, or marginal cost of funds-based lending rate, as a bank's internal reference rate which is nothing but the minimal rate at which banks can grant loans to their customers. If the inflation rate continues to rise, the RBI may take further measures to control it, notably by raising the repo rate, which may raise loan rates in turn. To counteract rising MCLR rates that raise EMIs, you can either extend the loan's tenure or make part prepayments to lower EMIs.
IndusInd Bank opened its seventh branch in Srinagar (J&K) today, at Karan Nagar. Mr. PK Pole (IAS), Divisional Commissioner of Kashmir, officially opened the new branch in the participation of the Branch Banking Head, Zonal Head, and Regional Head of IndusInd Bank. The new branch is situated on the ground floor of Nar Singh Garh, Karan Nagar, Municipality Road, Srinagar-190010. As of September 30, 2022, IndusInd Bank served over 33 million customers through its 2320 branches and banking outlets and 2807 ATMs, which were dispersed throughout the nation and spanned 1,33,000 villages. Representative offices for the bank are located in London, Dubai, and Abu Dhabi.
The shares of Indusind Bank Ltd closed today at ₹1,176.00 apiece level, down by 2.15% from the previous close of ₹1,201.80. The stock recorded a total volume of 2,126,526 shares compared to the 20-Day average volume of 2,997,028 shares.