BoM hikes lending rates
Equated Monthly Installments (EMIs) of both existing and new loans with the Pune-based state-owned Bank of Maharashtra will apparently increase after the MCLR hike.
State-owned Bank of Maharashtra (BoM) has raised rate of interest on various types of consumer loans like home loans and auto loans. The public sector bank has hiked its one year marginal cost of funds based lending rates (mclr) to 8.50%. The interest rates on various types of loans are tied up with 1 year MCLR of banks. With Bank of Maharashtra raising its 1 year mclr, various types of consumer loans will become costlier with the public sector bank. Equated Monthly Installments (EMIs) of both existing and new loans with the Pune based state-owned bank will apparently increase after the rate hike.
Bank of Maharashtra has also increased overnight and one-month tenor MCLRs to 7.90 per cent and 8.10 per cent each. While, the six-month maturity bucket has been increased to 8.40 per cent.
Currently, home loan with Bank of Maharashtra start from as low as 8.40% rate of interest.