Allahabad Bank raises lending rates by 10 bps from Dec 1
- Country:
- India
Public-sector lender Allahabad Bank said Wednesday it has raised its lending rates based on marginal cost of funds by 0.10 percentage point across all tenors from December 1.
"We wish to inform you that the Asset Liability Management Committee (ALCO) of the bank has reviewed the existing Marginal Cost of Funds Based Lending Rates (MCLRs) and decided for an upward revision of MCLR by 10 basis points (bps) for all the tenors," the bank said in a regulatory filing.
The one-year MCLR has been revised to 8.65 per cent. It is the benchmark rate against which all retail loans such as home, personal and auto loans are decided.
For two- and three-year MCLRs, the new rates will be 8.85 per cent and 8.95 per cent respectively.
The overnight, one-, three-, and six-month rates range from 8.15 per cent to 8.50 per cent.
"The aforesaid revised rates will be effective from December 1, 2018," Allahabad Bank said.
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