ICICI Bank, Yes Bank, and Punjab National Bank (PNB) have revised their marginal cost-based lending rates (MCLR) on loans of various maturities. According to the bank websites, the revised MCLRs came into effect from October 1, 2023.
Also read: Home loan: This strategy will save Rs 16 lakh on Rs 40-lakh loan, finish it 6 years early
The loan interest rates for the majority of consumer loans are linked to the one-year tenure.
Here is a look at the latest MCLRs of ICICI Bank, Yes Bank and PNB
ICICI Bank
According to the ICICI Bank website, the overnight, one-month MCLR rate is 8.45 percent. The three-months, six months MCLRs at ICICI Bank is 8.50 percent, and 8.85 percent, respectively. The one-year MCLR is at 8.95 percent.
| MCLR effective October 1, 2023 | |
| Tenures | I-MCLR |
| Overnight | 8.45% |
| One Months | 8.45% |
| Three Months | 8.50% |
| Six Months | 8.85% |
| One Year | 8.95% |
Punjab National Bank
According to the PNB Bank website, the overnight rate is at 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.
| MCLR W.E.F. 01-10-2023 | |
| MCLR TENOR | Revised W.E.F. 01.10.2023 |
| Overnight | 8.15% |
| One month | 8.25% |
| Three month | 8.35% |
| Six month | 8.55% |
| One year | 8.65% |
| Three years | 8.95% |
Yes Bank
According to the Yes Bank website, the overnight rate is at 8.80percent, and the one-month MCLR rate is 9.05 percent. The three-month, six months MCLRs at PNB stands at 9.70 percent and 9.95 percent, respectively. The one-year MCLR is now at 10.25 percent.
Bank of India
According to the Bank of India website, the overnight is at 7.95 percent, one-month MCLR rate is 8.15 percent. The three-month, six months MCLRs at Bank of India stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now 8.70%and 8.90 percent for three years.
| Sl.No | Tenor wise MCLR | Rate effective from 01.10.2023 |
| 1 | Overnight MCLR | 7.95% |
| 2 | 1 Month MCLR | 8.15% |
| 3 | 3 Month MCLR | 8.30% |
| 4 | 6 Month MCLR | 8.50% |
| 5 | 1 Year MCLR | 8.70% |
| 6 | 3 Year MCLR | 8.90% |
Also read: Personal loan interest rates: 10 banks offering cheapest personal loan interest rates in August 2023
Latest consumer loan rates of PNB, ICICI Bank, Yes Bank, Bank of India
| Bank name | Tenure | MCLR |
| ICICI Bank | 1-year | 8.95% |
| Punjab National Bank | 1-year | 8.65% |
| Yes Bank | 1-year | 10.25% |
| Bank of India | 1-year | 8.70% |
What is the Marginal Cost of a Fund-Based Lending Rate (MCLR)?
According to the Kotak Mahindra Bank, “MCLR means the rate below which a bank cannot charge its customers. It is set by the bank adhering to the guidelines set by the RBI for it.
The MCLR full form- MCLR full form in banking is suggestive of its function. It is the lowest rate at which Banks can lend funds. MCLR rate means a reference rate for banks to decide the interest rate they can charge on loans.”
Source Link
