Bank of Maharashtra (BoM) has increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points for all its tenures. The revision in MCLR is effective from February 9, 2024, the bank said in an exchange filing.
After the revision, the overnight MCLR has gone up to 8.10$ from 8%, one month MCLR has been hiked to 8.30% from 8.20%. The 3-month MCLR is at 8.40%, up from 8,30%. The sixth month MCLR is at 8.60%, up from 8.50%. Bank of Maharashtra’s one year MCLR has been hiked to 8.80% from 8.70%.
Sr. No. Tenor Existing Revised*
1 Overnight 8.00% 8.10%
2 One month 8.20% 8.30%
3 Three months 8.30% 8.40%
4 Six months 8.50% 8.60%
5 One year 8.70% 8.80%
The benchmark one-year MCLR is used to ascertain most consumer loans such as auto, personal and home. The last revision was done on October 11, 2023. MCLR has four components — marginal cost of funds; negative carry on account of cash reserve ratio; operating costs; and tenor premium.
On Wednesday, HDFC Bank revised its marginal cost of funds-based lending rates. The new rates have come into effect from February 8, 2024 onwards. HDFC Bank’s MCLR ranges between 8.90 per cent and 9.35 per cent.
The overnight MCLR has been raised by 10 bps from 8.80 per cent to 8.90 per cent. The one-month MCLR of HDFC Bank has increased by 10 bps to 8.90 per cent from 8.85 per cent. The three-month MCLR will be raised to 9.10 per cent from 9 per cent. The six-month MCLR is hiked to 9.30%. The one-year MCLR, which is linked to many consumer loans, has been raised by 5 bps to 9.30 per cent from 9.25 per cent. The 3-year MCLR is kept unchanged at 9.35 per cent.
Tenor MCLR
Overnight 8.90%
1 Month 8.95%
3 Month 9.10%
6 Month 9.30%
1 Year 9.30%
2 Year 9.35%
3 Year 9.35%
