Bank of Maharashtra has announced an increase in its Marginal Cost of Funds Based Landing Rates i.e. MCLR. According to the bank, this increase in rates has come into effect with immediate effect i.e. from October 19, 2024. According to the information given by the bank, MCLR rates have been increased by 0.05 percent for more than 6 months. The bank has informed about the increase in rates on Saturday. In the last trading session, the stock of Bank of Maharashtra closed with a gain of more than half a percent.

How much have the bank's rates increased

According to the information given by the bank, the marginal cost of fund based landing rates for a period of more than 6 months has increased from the current 9 percent to 9.05 percent. Apart from this, overnight rates have been kept stable at 8.2 percent, MCLR for one month at 8.4 percent, MCLR for 3 months at 8.6 percent, MCLR for 6 months at 8.8 percent. MCLR has a direct impact on the customer. Banks fix the rates of different loans through MCLR, which also includes home loans. With the increase in MCLR, the EMI of the loan also increases. In MCLR, banks fix the rates through the cost of the loan. In this, things like cost of funds, operating cost and profit margin are taken into consideration. How was the performance of the stock In Friday's trading, the stock of Bank of Maharashtra closed at 54.3 with a gain of 0.61 percent. The stock's highest level of the year is 73.5 and lowest level is 38.69. A year ago the stock was at the level of 46. The stock reached the highest level of the year on June 3 this year. Since then, pressure is being seen in the stock.