Bank of Maharashtra and Karur Vysya Bank on Monday announced a hike in their marginal cost of funds-based lending rate (MCLR). Bank of Maharashtra has increased its MCLR by 0.15 percent across all tenors, while Karur Vysya Bank has raised its MCLR to 7.45 percent from 7.15 percent.
Bank of Maharashtra said in a regulatory filing, “This is to inform that the bank has revised the marginal cost of funds-based lending rate, which has come to effect from May 7, 2022.”
As most of the personal, auto and home loans are linked against the benchmark one-year MCLR, has been increased to 7.40 percent from 7.25 percent earlier. The tenor ranging from overnight to one, three, and six months have also seen a hike in MCLR by the same margin from 6.85 to 7.30 percent.
Karur Vysya Bank in a separate filing said that it has revised the external benchmark rate, Repo Linked (EBR-R) of the bank to 7.45 percent, effective from May 9, 2022.
