MUMBAI, Aug 11 (Reuters) - Indian Oil Corp plans to raise funds selling commercial papers maturing in two months, three merchant bankers said on Thursday.

The state-run oil marketing company will offer a yield of 5.79% on these notes, and it has received commitments worth around 5 billion rupees ($62.82 million) so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature on Oct. 14. ($1 = 79.5910 Indian rupees) (Reporting by Dharamraj Lalit Dhutia; Editing by Neha Arora Editing by)