Mumbai: Bank of Maharashtra has increased its Marginal Cost of Lending Rates (MCLR). The nationalized bank has hiked the lending rates by 10 basis points. The one-year MCLR has gone up from 8.40% to 8.50 per cent. The 6-month MCLR has increased to 8.40%, overnight MCLR to 7.90%, and one-month MCLR to 8.10%. This hike will directly impact the EMIs of customers who have availed home loans, car loans, and education loans for a one-year period.
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.
Also Read: Union government hikes windfall tax on domestically produced crude oil
In addition to the MCLR hike, Bank of Maharashtra has also decided to increase the interest rates of its fixed deposits (FDs) for deposits of less than Rs. 2 crore. The bank is now offering interest rates ranging from 2.75% to 5.75% on FDs ranging from 7 days to 5 years. The bank is also offering a maximum interest rate of 7% on a 200-day FD.
Post Your Comments