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Loan Cost: Another public sector bank has made another increase in loan interest rates. It has increased the MCLR for all its tenure loans. On Monday, the bank has informed about the increase in loan interest on its website. In such a situation, if you take a loan from this bank, then you may have to pay more EMI than before.
This public sector bank is Indian Overseas Bank (IOB), which has increased by 5 basis points. This hike has come into effect from today i.e. January 10. After this increase, now the MCLR for 1 year tenure will be 8.30 per cent, which was earlier 8.25 per cent. And for a tenure of 2 years, the MCLR will be 8.35 percent to 8.40 percent.
What is the MCLR of IOB?
The MCLR for the tenure of three years is now 8.45 per cent. At the same time, loans taken for short periods like – MCLR has been increased from 8 percent to 8.05 percent for three months. While talking about MCLR for one month, it has ranged from 7.70 per cent to 7.75 per cent. At the same time, the MCLR interest for overnight has been 7.70 percent.
These big banks also increased interest
Private sector HDFC Bank has increased the marginal cost of landing rate. This bank has increased the MCLR by up to 0.25 percent. Along with this, IDFC First Bank has also increased its loan rates and has increased MCLR from 0.15 per cent to 0.20 per cent. Let us inform that even before this many banks have increased the interest rates of their loans.
IOB stock decline
On Monday, IOB shares closed at Rs.30.85 on BSE as compared to the previous closing price of Rs.30.95. The market cap of the bank as on January 9 was Rs 58,313.94 crore.
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