This Kerala-based bank's home loan EMIs set to rise as lender hikes MCLR rates by 15-20 basis points

South Indian Bank MCLR Hike: South Indian Bank - a private sector bank - has announced an increase in Marginal Cost of Lending Rates (MCLR) by 15-20 basis points.

"This is to inform you that, Marginal Cost of Funds Based Lending Rates (MCLR) applicable for multiple tenors has been revised," said the private sector bank in an official notification. 

The new rates will come into effect from February 20, 2023.

As per the South Indian Bank’s filing, the overnight MCLR (MCLR) has been increased to 8.65 per cent and the one-month MCLR was raised to 8.70 per cent.

Similarly, MCLR for three months period was increased to 8.80 per cent, the private lender said in a filing. 

The six-month MCLR was raised to 9 per cent and the one-year MCLR now stood at to 9.35 percent, according to the filing. 

Bank hikes marginal cost lending rates in the range of 15-20 basis points.

Also Read: Bank of Maharashtra home loan EMIs set to rise as lender hikes MCLR rates up to 30 basis points

According to the information available on the website of South Indian Bank, earlier the MCLR was changed on January 20. 

Earlier, the overnight MCLR was at 8.45 per cent; one-month MCLR at 8.50 per cent; three months MCLR at 8.65 per cent; six months MCLR at 8.85 per cent, and one-year MCLR at 9.20 per cent.  

South Indian Bank share price
Shares of South Indian Bank closed at Rs 17.75 per share on the NSE. The 52-week high level of this stock is Rs 21.80 apiece and the lowest level is Rs 7.25 apiece on the NSE. 

The Kerala-based bank is a small-cap private lender with a market cap of Rs 3735 crore. It has given a return of 107 per cent in one year.

South Indian Bank reported a net profit of Rs 102.75 crore in the December quarter of this fiscal as compared to a loss of Rs 50.31 crore in the same quarter a year ago.