Bank of Maharashtra raises one-year MCLR by 10 bps

State-owned Bank of Maharashtra on Wednesday said it has increased its marginal cost of funds based lending rate (MCLR) for select tenor loans.

The benchmark one-year MCLR, used to price most of consumer loans such as auto, personal and home, has been revised upwards to 7.90 per cent from 7.80 per cent, the lender said in a regulatory filing.

The revised MCLR has come to effect from November 7, 2022.

The one-month MCLR has been raised by 5 basis points to 7.50 per cent.

Rates for other tenor loans like overnight, three and six months have been kept unchanged.

Bank of Maharashtra stock traded at Rs 24.25 apiece on BSE, up by 4.08 per cent.