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Private sector Lakshmi Vilas Bank will revise the Marginal Cost of funds-based Lending Rates (MCLR) following the RBI guidelines, with effect from May one, 2017.
The revised rate for overnight MCLR has been fixed at 9.40 per cent while for one month it is at 9.45 per cent, the Tamil Nadu-based bank said in a statement.
For three-month period, MCLR rates have been revised to 9.50 per cent and for six-month period it is fixed at 9.60 per cent.
The rate for one year is fixed at 9.70 per cent.
Loans and advances disbursed will be priced with reference to the new MCLR benchmark from May 1, it added.
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