The marginal cost of money lending rate (MCLR) of HDFC Bank & India Overseas Bank (IOB) increased by up to 25 basis points on Monday, making loans tied to the benchmark more expensive. The revised rates for IOB and HDFC will take effect on January 10 and January 7, respectively.
The HDFC Bank website states that the overnight MCLR is now 8.50%, up from 8.30% before, a rise of 20 basis points, and the MCLR for one month is now 8.55%, up from 8.30% previously, an increase of 25 basis points.
The largest private-sector lender in the nation said that the benchmark one-year MCLR increased by 25 basis points from 8.60% to 8.85%.
The 2-year MCLR will increase by 25 basis points to 8.95% from 8.70%, as well as the 3-year MCLR will increase by 25 basis points to 9.05% from 8.80%.
On the other hand, IOB increased the benchmark rate by 5 basis points for all tenures.
IOB stated in a legal filing that the rates have increased from 7.70% to 8.45%.
