Bank of India hikes key lending rate in select tenures

Bank of India Increases MLCR: Days after the Reserve Bank of India (RBI) maintained the status quo on interest rates, Bank of India on Monday increased its Marginal Cost of Funds based Lending Rate (MLCR) by 0.05 per cent.

The bank announced that the MLCR will be applicable for fixed loans of 3 months to 3 years.

MLCR is the rate through which a bank determines the minimum interest rates of fixed loans. With a jump in MLCR, there will be a marginal jump in the interest rate of fixed loans.