Kolkata-headquartered Bandhan Bank has increased its marginal cost of funds based lending rates by 16 basis points (bps) during the MCLR period with effect from Tuesday. According to the website of Bandhan Bank, the new rates have come into effect from February 28, 2023.
whole night MCLR rate Bandhan Bank said the rate has been revised to 6.71 per cent, while the one-month tenor has been increased to 6.71 per cent.
The three-month MCLR has been increased to 8.21 per cent. The lender said that among others, the six-month MCLR has been revised to 8.21 per cent.
for maturity of one year, Edge Said that the new rate will be increased to 10.96 percent. For maturities of two and three years, the rate has been increased to 10.96 per cent and 10.96 per cent respectively.
Besides this, state-owned Punjab National Bank (PNB) has also hiked lending rates by 10 bps across the tenure from March 1. The lender had raised the full-tenure MCLR by 10 bps in February.
PNB shares were trading down by 0.21 per cent. 48.00 at 02:10 IST on BSE. Meanwhile, Bandhan Bank shares were trading 1.10 per cent higher. 229.90 on Tuesday.
MCLR is the minimum rate at which a bank can offer loans to its customers, which means an increase in MCLR will make consumer, auto and home loans costlier for borrowers.
The hike comes days after the central bank announced a 25 bps repo rate hike to 6.5 per cent on February 8, the highest since 2018, as it seeks to bring inflation closer to its target.
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