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Indian Overseas Bank (IOB) has revised the external benchmark linked lending rate to 7.25% from May 10, the bank said on Monday.
“Our bank has revised the Repo Linked Lending Rate (RLLR) to 7.25% (ie 4.40% +2.85% = 7.25%) with effect from May 10, 2022,” the state-owned lender said in a regulatory filing.
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 marginal cost of funds (MCLR) and repo rate.
With the RBI’s decision to raise the policy rate by 0.40% to 4.40% last week, several banks have revised their lending rates based on repo and marginal cost of funds.
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