Bad news for borrowers; here is what Oriental Bank of Commerce has done to its lending rate

Public sector lender Oriental Bank of Commerce (OBC) today raised its benchmark lending rates by up to 0.15 percentage point (15 basis points). With the revision, one-year marginal cost of funds based lending rate (MCLR) has gone up to 8.50 per cent from 8.35 per cent earlier. The new MCLR rate will be applicable from March 12 onwards till next review, OBC said in a statement.

The six-month MCLR has also been raised by 15 basis points to 8.45 per cent, while the three-month loan pricing have gone up by 10 basis points to 8.30 per cent.

The announcement comes after a number of lenders including State Bank of India and Punjab National Bank raised their MCLR.