Mumbai: One of the leading private sector banks in the country, RBL bank has hiked its marginal cost of funds-based lending rates (MCLR). The rates were hiked across tenures by 10 bps. After the hike the equated monthly instalments (EMIs) of all term loans linked to MCLR will go up. EMIs for both current and new customers across a variety of loan products including personal loans, house loans and others will be increased.
MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan.
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RBL Bank is now offering overnight MCLR at 8.70% interest, 1 month MCLR at 8.80%, 3 months MCLR at 9.10%, 6 months MCLR at 9.50%, and 1 year MCLR at 9.90% rate.
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