​Bank of Maharashtra hikes MCLR by up to 30 bps; home loan, auto loan EMIs to go up

Bank of Maharashtra MCLR, Home Loan Interest Rate: Bank of Maharashtra has increased its marginal cost of funds based lending rate (MCLR) by 20-30 basis points. The revised rates will be effective from today, December 14, the public sector bank updated on its website.

The overnight MCLR has been raised by 20 basis points from 7.30 per cent to 7.50 per cent, while the one-month MCLR went up from 7.50 per cent to 7.70 per cent.

The interest rate on the three-month MCLR has been increased to 7.90 per cent, up by 30 basis points. The six-month MCLR has also been increased by 30 bps from 7.70 per cent to 8 per cent. Besides, one year MCLR has been increased to 8.20 per cent, up by 30 basis points. Also read- HDFC Bank FD interest rates hiked; senior citizens to get up to 7.75% return

The lender updated the same via an exchange filing.

Shares of Bank of Maharashtra jumped 4 per cent to settle at Rs 33.95 on NSE.

Bank of Maharashtra Share Price History

Bank of Maharashtra has delivered a stellar return of around 109 per cent in the last 6 months, resulting in wealth gain for investors. YTD, the Pune-headquartered bank has yielded a positive return of 75 per cent. Putting into perspective, the Bank of Maharashtra share which was available for Rs 19.40 apiece on January 3, is now available at around Rs 34. At current levels, the stock has a market cap of Rs 22.98 thousand crore.

Bank of Maharashtra Q2 performance

The Pune-headquartered lender recorded a 28.62 per cent increase in gross advances at Rs 1,48,216 crore at the end of September 2022, according to published quarterly numbers of public sector banks (PSBs).

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