Public sector lender, Indian Overseas Bank (IOB) on Monday increased the Marginal cost of Fund Based Lending Rate (MCLR) by 5 basis points across tenures. The new interest rates will come into effect from January 10. With that, EMIs on loans linked with MCLR may go up ahead.
As per the filing, 1-year MCLR will be 8.30% from January 10 compared to the current 8.25%. While the 2-year MCLR will be at 8.40% from the current 8.35%.
3-year MCLR will be at 8.45% compared to the current 8.40%.
For a shorter duration, the 3-month MCLR will rise to 8.05% from the latest 8%. While one-month MCLR will climb to 7.75% from the current 7.70%. Overnight which is the shortest duration will have an MCLR of 7.70% from the current 7.65%.
On BSE, IOB shares closed at ₹30.85 apiece flat compared to the previous closing of ₹30.95 apiece. The bank’s market cap stood at ₹58,313.94 crore as of January 9.