In a regulatory filing, lender Told that the revised MCLR period will be effective from Wednesday.
The revised marginal cost based lending rate (MCLR) across various tenors will be effective from Wednesday, the lender said in a regulatory filing.
The benchmark one-year MCLR will be 7.75 per cent against the current rate of 7.65 per cent. The one-year rate is used to fix most consumer loans such as auto, personal and home loans.
The MCLR for the overnight and one-month tenors has been hiked by 0.10 per cent, while the three-month maturity bucket has been increased by 0.15 per cent, or 15 basis points, to 7.25 per cent.
The growth is in line with the following other peers reserve Bank of India hike in its prime lending rate last month.
The RBI hiked the repo rate, at which the central bank lends to banks, by 50 basis points to 5.4 per cent.
(with inputs from PTI)