Bank of Maharashtra hikes lending rates

State-owned Bank of Maharashtra (BoM) on Monday announced increase in the marginal cost of funds based lending rates (MCLR) by 10 basis points across tenors. The revision in MCLR is effective from April 15, 2023.

The benchmark one-year MCLR is up by 10 basis points to 8.50 per cent, it said.

The one-year rate is used to fix most consumer loans such as auto, personal and home loans.

The overnight and one-month tenor MCLRs are raised by 0.10 per cent to 7.90 per cent and 8.10 per cent each while the six-month maturity bucket increased to 8.40 per cent.