Bank of India raises lending interest rates following RBI's hike

Bank of India raises lending interest rates following RBI's hike

The MCLR for a one month tenure is up from 7.85 per cent to 7.95 per cent.

FPJ Web DeskUpdated: Tuesday, February 28, 2023, 06:58 PM IST
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Bank of India's interest rate on lending increases to 9.35% | File

According to an exchange filing, Bank of India has revised its Marginal Cost of Fund Based Lending Rate (MCLR) in line with the Reserve Bank of India's repo rate hike.

The MCLR for a one month tenure is up from 7.85 per cent to 7.95 per cent.

For three months it has gone up from 7.90 per cent to 8 per cent.

For six months the MCLR is hiked from 8.15 per cent to 8.25 per cent.

For a year it has been increased from 8.40 per cent to 8.50 per cent.

For a three year tenure, the MCLR is now up from 8.60 per cent to 8.70 per cent.

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