Here are the MCLR of different banks, after the latest round of hikes:
|SBI||ICICI Bank||BoB||PNB||BoI||OBC||Kotak Mahindra Bank||Syndicate Bank||Indian Bank|
|(Source: bank websites/regulatory filings)|
SBI has increased the lending rate by 10 basis points across all tenors up to three years, with effect from June 1.
Punjab National (PNB), the country's second largest lender, raised its MCLR for three-year and five-year tenors to 8.55 per cent and 8.7 per cent, respectively. The rates took effect on June 1.
ICICI Bank too said it has raised five-year tenor MCLR by 10 bps to 8.70 per cent, with effect from June 1. The bank also raised its MCLR by 10 bps in tenor of one year and three years.
Syndicate Bank revised its MCLR for one-year tenor loan higher by 5 bps, with effect from June 10.
Oriental Bank of Commerce (OBC)
Kotak Mahindra Bank
Bank of India
Bank of India hiked the marginal cost based lending rate by 10 basis points each for various tenors, with effect from June 10.
Bank of Baroda
Bank of Baroda's new MCLR across different tenors came into effect on June 7.
Indian Bank raised its MCLR by 10 basis points for loans with tenure of three months to five years, with effect from June 11.
Currently, banks review their MCLR every month, a uniform methodology introduced from April 2016 to ensure fair interest rates to borrowers as well as banks.
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