Andhra Bank raises MCLR by 0.15% for various tenors

State-owned Andhra Bank has increased the marginal cost of funds based lending rate (MCLR) by 0.15 per cent to up to 8.70 per cent for various tenors.

State-owned Andhra Bank has increased the marginal cost of funds based lending rate (MCLR) by 0.15 percent to up to 8.70 percent for various tenors.

"The bank has increased its MCLR with effect from August 16, 2018," Andhra Bank said in a BSE filing.

The MCLR for overnight, 1 month, 3 month, 6 month and one year tenors have been raised by 0.15 percent each to 8.15 percent, 8.20 percent, 8.40 percent, 8.55 percent and 8.70 percent, respectively, the bank said.

The move will make consumer loans such as auto, car and home loans costlier for buyers.

In June, too, Andhra Bank had increased the MCLR by 0.05 percent to up to 8.55 percent for various tenors.

Earlier this month, the Reserve Bank of India for the second time in two months had raised its benchmark interest rate by 25 basis points on inflationary concerns.

RBI increased repo rate, at which it lends to other banks, to 6.5 percent.

The stock of Andhra Bank was trading 0.78 percent higher at Rs 32.45 apiece on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)