RBL Bank is now offering overnight MCLR at 8.70% interest, 1 month MCLR at 8.80%, 3 months MCLR at 9.10%, 6 months MCLR at 9.50%, and 1 year MCLR at 9.90% rate.
RBL Bank has mentioned on its website that “All rupee loans sanctioned and credit limits renewed (other than exceptions permitted by RBI) will be priced with reference to the tenor based MCLR as mentioned above."
On the other hand, with effect from December 07, 2022, the Repo Linked Lending Rate of RBL Bank is 11.35%.
Loan borrowers should note that the MCLR in effect on the day your loan is sanctioned will apply to your loan; as a result, the interest rate will adjust to the MCLR in effect on the reset date. Since the RBL Bank has hiked MCLR by 10 bps across tenures, borrowers will experience a rise in EMIs on their MCLR-linked loan products on the next reset date.
Meanwhile, IndusInd Bank has declared a 5 to 15 basis point rise in its Marginal Cost of Funds Based Lending Rate (MCLR) for all tenors. The new MCLRs will take effect on December 22, 2022, according to the bank. The current rates offered by IndusInd Bank include an overnight MCLR of 8.80%, 1 month MCLR of 8.85%, 3 month MCLR of 9.20%, 6 month MCLR of 9.60%, 1 year MCLR of 9.95%, 2 year and 3 years MCLR of 10.15%.
In response to inflationary challenges, the Reserve Bank of India (RBI) has hiked the policy repo rate by 225 basis points so far in FY23, raising the key rate to 6.25% in December, its highest level since August 2018, which has resulted in banks to hike their benchmark lending rates, such as MCLR, repo-linked lending rate, and external benchmark lending rate, as well as deposit rates more consistently in the current fiscal year.
The shares of RBL Bank Ltd closed today at ₹160.80 apiece, down by 1.20% from the previous close of ₹162.75. The stock recorded a total volume of 17,921,563 shares compared to the 20-Day average volume of 14,247,835 shares.
