Indian Bank Raises MCLR Rates, By 0.15 Pc Across Tenors

State-owned Indian Bank on Thursday said it has raised the Marginal Cost of Funds based Lending Rates (MCLR) across tenors by 0.15 per cent with effect from Sunday. The benchmark one-year tenor MCLR -- against which most of the consumer loans are based upon -- will be 7.55 per cent as against 7.40 per cent presently, Indian Bank said in a regulatory filing.

Other MCLRs ranging from overnight to 6 months tenors have been raised by similar margins in the range of 6.75 to 7.40 per cent per annum. Besides, the bank has also hiked the Treasury Bills Linked Lending Rates (TBLR), base rate and Benchmark Prime Lending Rate (BPLR).

TBLRs have been raised to 5-6.10 per cent for tenors of 3 months to three years, effecting change of 0.40-0.55 per cent. Also, the revised base rate will be 8.70 per cent as against 8.30 per cent, while the BPLR will be priced at 12.95 per cent from 12.55 per cent. The revised MCLR, TBLR, base rate and BPLR shall be effective from July 3, 2022 till next review, Indian Bank said. The bank said it has not changed the other benchmark lending rates -- policy repo rate and Repo Benchmark Lending Rate (RBLR).

(PTI)