Bank of India hikes MCLR rates by 10 bps for various tenors

Mumbai, June 8, 2018: Public sector lender Bank of India has increased MCLR rates by 10 bps for various tenors. The enhanced rates would come into effect from June10, 2018.

“Bank of India has revised upward marginal cost based lending rate for one-year at 8.50 per cent while overnight rate up by 10 bps at 7.90 per cent,”. Among others, the 1-month and 3-month MCLR have been enhanced by 10 bps each to 8.20 per cent and 8.30 per cent, respectively.While MCLR of 6-month tenor will bear interest rate of 8.45 per cent, up 10 bps from current MCLR at 8.35 per cent.