MCLR on Select Maturities Increased by Vijaya Bank

MCLR on Select Maturities Increased by Vijaya Bank

New Delhi: State-owned Vijaya Bank has hiked marginal cost based lending rates (MCLR) by 0.05 per cent for select maturities, following industry peers. In a regulatory filing, the bank informed that the MCLR has been revised with effect from September 7, 2018.

The one-year MCLR, against which consumer loans are benchmarked, has been raised to 8.70 per cent from 8.65 per cent earlier.

Among others, six, three, one month and overnight MCLRs will attract 0.05 per cent higher interest each in the range of 8.60-8.05 per cent.

However, it has kept the MCLRs unchanged for three year and two-year loans at 9.25 per cent and 9 per cent, respectively.

Last week, industry leader SBI had increased the lending rate by 20 basis points or 0.20 per cent across all tenors up to three years.

Apart from the lending rate, the MCLR for a one-year tenor has also been increased by the SBI from 8.25 per cent to 8.45 per cent.

ICICI Bank and Bank of Baroda too have raised their MCLRs.