Loan interest rates: Several banks have recently adjusted their lending rates in January 2024, specifically focusing on the Marginal Cost-Based Lending Rates (MCLR). Among the notable banks that have made revisions are IDBI Bank, Bank of Baroda, ICICI Bank, Canara Bank, Punjab National Bank (PNB), Bank of India, HDFC Bank, and Yes Bank.
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Here are the updated MCLR rates from the abovementioned banks, as listed by ET:
ICICI Bank As per the website of ICICI bank, it has increased its MCLR by 10 basis points, effective January 1. The overnight rate has been adjusted to 8.6% from the previous 8.5%, the one-month MCLR-based lending rate is now 8.6% compared to the earlier 8.5%. Additionally, the three-month rate has been revised to 8.65% from 8.55%, the six-month rate to 9% from 8.90%, and the one-year rate stands at 9.10%, up from the previous 9%.
PNB According to the PNB website, starting January 1, the bank increased its lending rates slightly. The overnight rate is now 8.25% (up from 8.2%), the one-month rate is 8.30% (up from 8.25%), the three-month rate is 8.40% (up from 8.35%), the six-month rate is 8.60% (up from 8.55%), and the one-year rate is 8.70% (up from 8.65%).
Yes Bank As per information on the Yes Bank website, the new rates are effective from January 1. The overnight rate is 9.2%, the MCLR-based lending rate for one month is 9.45%, the three-month rate is 10%, the six-month rate is 10.25%, and the one-year rate is 10.50%.
Bank of IndiaAs per the information on the Bank of India website, the bank has increased by 5 basis points (bps) on overnight tenure, effective from January 1.
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The overnight rate is now 8%, up from 7.95%. The MCLR-based lending rate for one month is 8.25%, the three-month rate is 8.40%, the six-month rate is 8.60%, and the one-year rate is 8.80%.
Bank of BarodaBank of Baroda has adjusted its MCLR with effect from January 12, 2023. The overnight MCLR has increased to 8.5% from the previous 8%. The one-month MCLR remains unchanged at 8.3%, and the three-month MCLR also remains steady at 8.4%. The six-month MCLR has seen a slight increase by 5 basis points to 8.60% from the previous 8.55%. The one-year MCLR is now 8.80%, up from the previous 8.75%.
Canara BankThe bank raised its lending rates by 5 basis points across different periods starting January 2023. The overnight rate increased to 8.05% from 8%, the one-month rate is now 8.15% from 8.1%, and the three-month rate rose to 8.25% from 8.20%. The six-month rate increased from 8.55% to 8.60%, and the one-year rate is now 8.80% from 8.75%. The two-year rate rose to 9.10%, and the three-year rate is 9.20%. Additionally, Canara Bank’s Repo Linked Lending Rate (RLLR) from January 12 is 9.25%.
HDFC BankHDFC Bank’s lending rate ranges from 8.80% to 9.30%. The overnight rate increased by 10 basis points to 8.80%. The one-month rate rose by 5 basis points to 8.80%. The three-month rate will go up to 9%, and the six-month rate is now 9.20%. For loans tied to the one-year rate, there’s a 5 basis points increase to 9.25%. The 3-year rate remains unchanged at 9.30%.
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IDBI BankAs per information from the IDBI Bank website, the most recent Marginal Cost of Lending Rate (MCLR) for the overnight tenor is 8.3%. For a one-month tenure, the MCLR is 8.45%, while the three-month MCLR rate for IDBI Bank customers stands at 8.75%. The six-month MCLR is 8.95%, the one-year MCLR is 9%, the two-year MCLR is 9.55%, and the three-year MCLR is 9.95%. These rates are applicable from January 12.
