Syndicate Bank hikes lending rate

State-run Syndicate Bank yesterday increased its marginal cost of funds based lending rate (MCLR) by 0.1 per cent for various tenors of loans. The bank has revised MCLR and the new rates would be effective July 10, Syndicate Bank said in a filing to stock exchanges. Interest rates for loan tenors of overnight, one month, three months, six months and one year have been hiked by 0.1 per cent to 8.10 per cent, 8.15 per cent, 8.20 per cent, 8.40 per cent and 8.65 per cent, respectively. The rise in MCLR will make retail loans such as auto, home and personal loans costlier for the customers.