BackBandhan Bank hikes MCLR across tenors, EMIs to go up
Bandhan Bank, one of the top private sector lenders, has updated its Marginal Cost of Funds based Lending Rates (MCLR) for all tenors.
PremiumBandhan Bank, one of the top private sector lenders, has updated its Marginal Cost of Funds based Lending Rates (MCLR) for all tenors. According to the bank's official website, the new MCLRs will go into effect on November 30, 2022. The last time Bandhan Bank changed its MCLR was on October 31. At that time, the one-year MCLR was 10.32 per cent and the three-year MCLR was 11.10 per cent. However, as of today, November 30, 2022, the 1-year MCLR is 10.57%, the 2-year MCLR is 10.81%, and the 3-year MCLR is 10.92%. The overnight to 3 months MCLR is now 10.17%, and the 6 month MCLR is now 10.41%.
Bandhan Bank is now offering a floating interest rate on home loans of 8.30% and a maximum of 13.65% on all loan amounts whereas the bank offers repair loans interest rate card (Floating) of 11.15% with a maximum of 13.65%. On loan against property rate card (Floating), Bandhan Bank is offering a minimum interest rate of 11.90% and a maximum of 15.40%. “Existing customers who are servicing floating rate loans linked to PLR of erstwhile GRUH can opt for conversion to External Benchmark Rate linked option," mentioned Bandhan Bank on its website.
Private sector lender Bandhan Bank, which has its headquarters in Kolkata, recorded a 22% increase in loans and advances at ₹99,374 crore in Q2FY23 compared to ₹81,661 crore in the same period last year. At the end of the September quarter of 2022, the bank's total deposits grew by 21% to ₹99,365 crore from ₹81,898 crore posted in Q2FY22. As of September 30, 2022, the private sector lender's CASA ratio was 40.8% as against 44.6% YoY.
As of September 30, 2022, there were 5,646 banking outlets operated by Bandhan Bank. In comparison to 1,168 branches and 4,450 banking units as of September 30, 2021, the network now has 1,190 branches. As of September 30, 2022, there were 432 ATMs in operation, down from 487 in the same period of the previous year. The bank now has 64,078 employees, up from 61,247 recorded in Q2FY22.
The shares of Bandhan Bank closed today at ₹238.40 apiece, up by 1.82% from the previous close of ₹234.15. The stock recorded a total volume of 22,939,142 shares compared to the 20-Day average volume of 11,502,835 shares.
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