Syndicate Bank hikes lending rate by 0.1 %

By Realty Quarter Bureau

State-run Syndicate Bank 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.