Marginal Cost of Lending Rates (MCLR) differ across banks and tenures and influence loan interest rates. MCLRs reflect the minimum lending rates and are adjusted based on repo rate changes and marginal cost of funding. For more details, you can visit specific bank websites or branches.Banks such as Bank of Baroda, Canara Bank, PNB and IDBI Bank have kept the rates unchanged in January from the previous month. However, HDFC Bank has cut its lending rate (MCLR) by 5 basis points (bps) on select tenures.
What is MCLR?
According to the HDFC Bank website, “The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.”
HDFC Bank: Check latest lending rates
The overnight MCLR has been cut by 5 bps, from 9.20% to 9.15%. The one-month MCLR has been kept unchanged at 9.20% and the three-month MCLR is also unchanged at 9.30%. The six-month and one-year MCLRs have been cut by 5 bps from to 9.40%, and the two-year MCLR is kept unchanged at 9.45%. The three-year MCLR is cut by 5 bps from 9.50% to 9.45%. The revised rates shown in the table below are applicable from January 7, 2025.
| Tenor | MCLR |
| Overnight | 9.15% |
| 1 Month | 9.20% |
| 3 Month | 9.30% |
| 6 Month | 9.40% |
| 1 Year | 9.40% |
| 2 Year | 9.45% |
| 3 Year | 9.45% |
Bank of Baroda: Check latest lending rates
Bank of Baroda MCLR in January remains unchanged from previous month’s rates. The overnight MCLR is at 8.15%. The one-month MCLR is at 8.35%. The three-month MCLR is at 8.55%. The six-month MCLR is 8.80%. The one-year MCLR is at 9%. The rates are effective from January 12, 2025.
| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 8.15 |
| 2 | 1 Month MCLR | 8.35 |
| 3 | 3 Month MCLR | 8.55 |
| 4 | 6 Month MCLR | 8.8 |
| 5 | 1 Year MCLR | 9 |
Canara Bank loan rates: Check latest lending rates
Canara Bank MCLR remains unchanged from previous month’s rates. The overnight rate stands at 8.35%. The one-month MCLR is at 8.45% and the three-month MCLR stands at 8.55%. The six-month MCLR is 8.90%. The one-year MCLR is 9.10% and the two-year MCLR is 9.35%. The rates are effective from January 12, 2025.
PNB loan rates update: Check latest lending rates
Punjab National Bank MCLR remains unchanged in January from previous month’s rates. According to the PNB website, the overnight MCLR is 8.35% and the MCLR-based lending rate for one month is 8.45%. The three-month rate is 8.65%, the one-year rate is 9% and the rate on the three-year tenure is 9.30%. The rates are effective from January 1, 2025.
| MCLR W.E.F. 01-01-2025 | ||
| MCLR TENOR | Existing w.e.f. 01.12.2024 | Revised w.e.f. 01.01.2025 |
| Overnight | 8.35% | 8.35% |
| One month | 8.45% | 8.45% |
| Three month | 8.65% | 8.65% |
| Six month | 8.85% | 8.85% |
| One year | 9.00% | 9.00% |
| Three years | 9.30% | 9.30% |
IDBI Bank loan rates update: Check latest lending rates
According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.45%. For a one-month tenure, the MCLR is at 8.60%. The three-month MCLR rate for IDBI Bank customers is at 8.90%. The six-month MCLR is at 9.15%. The one-year MCLR is 9.20%. The two-year MCLR is 9.75%. The three-year MCLR is at 10.15%. These rates are effective January 12, 2025 onwards. The rates in tabular form are below.
| Tenor | MCLR |
| Overnight MCLR | 8.45% |
| One Month MCLR (1M) | 8.60% |
| Three Month MCLR (Q) | 8.90% |
| Six Month MCLR (HY) | 9.15% |
| One year MCLR (Y) | 9.20% |
| Two Year MCLR (2Y) | 9.75% |
| Three Year MCLR (3Y) | 10.15% |
Source: Bank websites Source Link
