South Indian Bank on Tuesday announced a hike in its lending rate (the cap on the MCLR) by 5 to 10 basis points (bps). The lender will increase the loan rate from April 20, 2023.
South Indian Bank on Tuesday announced a hike in its lending rate (the cap on the MCLR) by 5 to 10 basis points (bps). The lender will increase the loan rate from April 20, 2023.
The overnight lending rate will decrease by 10 basis points to 8.80% from 8.70%. The one-month lending rate will also decrease from 8.75% to 8.85%, and the three-month lending rate will decrease from 8.85% to 8.95%.
The bank also revised its six-month lending rate from 9.05% to 9.10%, an increase of 5 basis points. The one-year lending rate will also increase by 5 basis points, from 9.40% to 9.45%.
South Indian Bank fund based lending rate cap for various mandates is as follows:
| Term of service | Revised Loan Rates (%) | Previous loan rate (%) |
| At night | 8.80 | 8.70 |
| Moon | 8.85 | 8.75 |
| Three months | 8.95 | 8.85 |
| Six months | 9.10 | 9.05 |
| One year | 9:45 a.m | 9:40 a.m |
Earlier, South Indian Bank has raised lending rates by 5 basis points for all mandates from March 20, 2023.
Reserve Bank of India norms require banks to revise lending rates based on marginal cost of funds every month.
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(Editing by John Pradeep)
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