Public sector banker, Indian Overseas Bank (IOB) has hiked the marginal cost of funds (MCLR) by 15 basis points to 35 basis points across tenures. Also, the bank has revised its repo-linked lending rate. The hike in benchmark lending rates come after RBI raised the repo rate by 35 basis points in December 2022 bi-monthly monetary policy. IOB’s new lending rates will come into effect from December 10. Thereby, term loan EMIs are likely to go up ahead.