Syndicate Bank hikes MCLR by up to 0.15 per cent

State-owned Syndicate Bank has hiked its benchmark lending rate or MCLR by up to 0.15 per cent across various tenors, effective November 10.

The interest rate for different categories of borrowers is pegged at the marginal cost of funds based lending rate (MCLR).

According to a regulatory filing, Syndicate Bank has raised MCLR for a three month tenor from 8.35 per cent to 8.40 per cent, while six-month MCLR increased from 8.6 per cent to 8.75 per cent.

However, the bank has retained the MRCR for other tenors.