South Indian Bank has announced a revision in its Marginal Cost of Funds Based Lending Rates (MCLR) for multiple tenors, which will come into effect from October 20, 2024. This change has been made in accordance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, 2015.
Revised MCLR Rates:
- Overnight MCLR: 7.95%
- One-month MCLR: 8.60%
- Three-month MCLR: 9.90%
- Six-month MCLR: 9.95%
- One-year MCLR: 10.05%
The updated rates will apply to new loans as well as loans under the floating interest rate scheme. Customers can find further details on the official website of South Indian Bank at www.southindianbank.com.
This revision is expected to impact loan repayments for both retail and corporate borrowers, adjusting their interest payments based on the updated MCLR rates.
