Indian Overseas Bank Hikes Loan Rates Across Tenures

The Indian Overseas Bank has hiked the marginal cost of funds based lending rate by 5-10 basis points across all tenures post review, said the company in an exchange filing on Thursday.

The revised rates will be effective from July 15. The MCLR on overnight and one-month tenures has risen by 10 basis points, from 8.10% and 8.30% to 8.20% and 8.40% respectively.

The three-month tenure saw a change from 8.50% to 8.55%, and the six month-tenure saw a change from 8.75% to 8.80%. The one-year and two-year tenures similarly saw a five basis points increase to 8.95%, and the three-year tenure was bumped to 9.05% MCLR.

Shares of the Indian Overseas Bank closed 1.55% lower at Rs 63.66 apiece on the BSE, compared to a 0.03% decline in the benchmark Sensex.