Federal Bank hikes MCLR by 20 bps across loan tenures from today

After the modification, the rates are between 8.95 and 9.20 percent

FPJ Web DeskUpdated: Monday, January 16, 2023, 12:00 PM IST
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Federal Bank hikes MCLR by 20 bps across loan tenures from today | Image: Federal Bank (Representative)

Federal Bank has hiked the marginal cost of funds-based lending rate by 20 basis points across tenures, effective today, according to the bank's website.

After the modification, the rates are between 8.95 and 9.20 percent.

The private lender had increased the loan rate across tenures by 30 bps in December.

Banks must assess their lending rates monthly in accordance with Reserve Bank of India regulations based on the marginal cost of funds.

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