Syndicate Bank hikes lending rate by 0.1 percent

By: |
New Delhi | Updated: July 07, 2018 8:51 PM

State-run Syndicate Bank today increased its marginal cost of funds based lending rate (MCLR) by 0.1 per cent for various tenors of loans.

Syndicate Bank

State-run Syndicate Bank today increased its marginal cost of funds based lending rate (MCLR) by 0.1 per cent for various tenors of loans. The bank has revised MCLR and the new rates would be effective July 10, Syndicate Bank said in a filing to stock exchanges.

Interest rates for loan tenors of overnight, one month, three months, six months and one year have been hiked by 0.1 per cent to 8.10 per cent, 8.15 per cent, 8.20 per cent, 8.40 per cent and 8.65 per cent, respectively. However, another public sector lender Bank of Maharashtra reduced interest rate on select tenors by up to 0.15 per cent.

Lenders review the MCLRs every month. The rise in MCLR will make retail loans such as auto, home and personal loans costlier for the customers.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Stock markets to follow Fed interest rate decision, inflation data: Analysts
2Five of top-10 valued firms add more than Rs 1 lakh cr in mcap; TCS, Infosys lead gainers
3Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100 per litre petrol