Indian Overseas Bank
The higher MCLR of Indian Overseas Bank has come into effect from September 10, 2022. According to the bank’s website, the MCLR will be 7.05% for overnight and 7.15% for one month. The three-month and six-month MCLR hikes are 7.70% each. The benchmark marginal cost of funds based lending rate (MCLR) for loans with one-year maturity has been increased from 7.65 per cent to 7.75 per cent.
Bank Of Baroda
According to Bank of Baroda BSE filing, the increased MCLR will be applicable from September 12, 2022.
The overnight MCLR for one month will be 7.00% and 7.50%. The three-month and six-month MCLR growth is 7.50% and 7.65%, respectively. The benchmark marginal cost of funds based lending rate (MCLR) for loans with one-year maturity has been increased from 7.80 per cent to 7.70 per cent.
Impact of MCLR on Debt
The hike in MCLR will impact car, personal and home loans. One of the important factors affecting your EMI is the Marginal Cost of Funds Based Lending Rate (MCLR). As the MCLR increases, so does the interest payment of the borrowers. The EMIs of existing borrowers will change as a result of the increase in MCLR when their loan reset dates come. The minimum rate at which banks are allowed to lend to their customers is represented by the benchmark interest rate known as the marginal cost of lending rate or MCLR.