A bank is not permitted to issue a loan with an interest rate lower the marginal cost-based lending rate (MCLR). Banks internally determine interest rates based on the length of time the loan will take to repay. Typically, the tenure options are one month, three months, six months, a year, and three years. However, the majority of consumer loans are linked to a one-year term.
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Here is a look at the latest MCLR of big banks as per loan interest rats on the websites.
Latest ICICI Bank lending rates
The bank has hiked MCLR by 5 basis points across all tenures. According to the ICICI Bank website, the overnight, one-month MCLR rate is 8.50%. The three-month, six six-month MCLRs at ICICI Bank stand at 8.55% and 8.90%, respectively. The one-year MCLR is at 9%.
Latest HDFC Bank lending rates
HDFC Bank’s MCLR ranges between 8.65 per cent and 9.30 per cent. The overnight MCLR has been raised by 5 bps from 8.60 per cent to 8.65 per cent. The one-month MCLR of HDFC Bank has increased by 5 bps to 8.70 per cent from 8.65 per cent. The three-month MCLR will be at 8.90 per cent, up by 5 basis points from the previous 8.85 per cent. The six-month MCLR was increased to 9.15 from 9.10 per cent. The one-year MCLR, which is linked to many consumer loans, has been kept unchanged at 9.20 per cent. The 2-year and 3-year MCLR has been hiked to 9.25 per cent and 9.30 per cent, respectively. Latest SBI lending rates
The MCLR-based rates will now range between 8% and 8.75%. The overnight MCLR rate stands at 8%, while that of one month and three-month tenure is 8.15%. Among others, the six-month MCLR stands at 8.45%. The one year MCLR which is linked to many consumer loans is now at 8.55%. For tenure of two years and three years MCLR is 8.65% and 8.75%, respectively.
Latest Bank of India lending rates
The bank has hiked loan rates by up to 5 basis points on select tenures. According to the Bank of India website, the overnight is at 7.95%, one-month MCLR rate stands at 8.15%. The three-month, six-month MCLRs at Bank of India hiked to 8.35% and 8.55%, respectively. The one-year MCLR is now 8.75%. The three-year MCLR stands at 8.95%.
Latest Punjab National Bank lending rates
According to the PNB Bank website, the overnight rate is at 8.20 percent from 8.15 percent, and the one-month MCLR rate is 8.25 percent. The three-month, six months MCLRs at PNB stands at 8.35 percent and 8.55 percent, respectively. The one-year MCLR is now at 8.65 percent from 8.60 percent and 8.95 percent for three years. These rates are effective from November 1, 2023.
Latest Bank of Baroda lending rates
Bank of Baroda revised its latest marginal cost of funds-based lending rates (MCLR). The rates will be effective from November 12, 2023 The bank’s overnight marginal cost of funds-based lending rate (MCLR) will be 8%. For one-month, three-month, and six-month terms, BoB applies 8.30%, 8.40%, and 8.55% MCLR, accordingly. One year MCLR is 8.75%.
Latest Yes Bank lending rates
Yes Bank’s overnight MCLR is at 8.90%. While the bank’s one-month MCLR at 9.15%, the three-month MCLR is at 9.80%, the six-month MCLR at 10.05%, and the one-year MCLR stands at 10.40%. These rates are effective from November 1, 2023.