Syndicate Bank hikes Lending Rates by 20 bps

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Bangalore: Public sector Bank Syndicate Bank has revised Marginal Cost Based Lending Rates (MCLR) upto 20 basis points (BPS) for different tenures.

While Overnight MCLR has been hiked by 20 bps to 8.30%, one-month MCLR has been hiked by 20 bps to 8.35%, 3-month MCLR to 8.40% and 6-month by 20 bps MCLR to 8.60%, one year MCLR has been hiked by 15 bps to 8.80%. The revised rates will be made effective from 10th September.

The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. MCLR actually describes the method by which the minimum interest rate for loans is determined by a bank – on the basis of marginal cost or the additional or incremental cost of arranging one more rupee to the prospective borrower.

 

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