Bank Of Maharashtra Hikes MCLR For Longer Tenures To 5 Bps
New rate effective from 19 october, other tenures unchanged
Bank of Maharashtra revealed on 19 October that it has raised the marginal cost of funds-based lending rate (MCLR) for tenures longer than six months by 5 basis points, from 9 per cent to 9.05 per cent. The revised rate will take effect from 19 October, while rates for other tenures remain unchanged.
MCLR serves as the minimum interest rate at which a bank can lend to its customers and is used as a reference to determine loan interest rates. An increase in MCLR raises the cost of loans for customers but also boosts the bank's lending margins.
On 15 October, the bank reported a 44.28 per cent increase in consolidated net profit for the second quarter of FY25, totalling Rs 1,327.08 crore, up from Rs 919.75 crore in the same period last year.
Shares of Bank of Maharashtra closed 0.39 per cent higher at Rs 54.18 on 18 October on the BSE.
