Indian Overseas Bank (IOB) has revised the lending rate linked to external benchmark to 7.25% from May 10, the bank said on Monday.
“Our bank has revised the Repo Linked Lending Rate (RLLR) to 7.25% (i.e. 4.40% + 2.85% = 7.25%) effective May 10, 2022,” the state lender said in a statement Application for Admission.
Earlier in the day, HDFC Bank, Canara Bank, Bank of Maharashtra and Karur Vysya Bank also said they have revised their lending rates based on the marginal cost of financing (MCLR) and repo rate.
With the RBI’s decision to raise interest rates by 0.40% to 4.40% last week, several banks have adjusted their lending rates based on repo and marginal costs of funding.