Bank loan interest rates February 2024: Several banks have changed their loan interest rates in February 2024. Below is a compilation of banks that have updated their loan interest rates during this month.
Latest Canara Bank lending rates According to an ET report, the bank has raised its MCLR (Marginal Cost of Lending Rate) by 5 basis points starting from February 12, 2023. The overnight rate is now 8.10% from 8.05%, the one-month rate stands at 8.20% from 8.15%, and the three-month rate is adjusted to 8.30% from 8.25%.
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The six-month rate has slightly increased to 8.65% from 8.60%, while the one-year rate is now 8.85% instead of 8.80%. Additionally, the two-year rate has been raised to 9.15%, and the three-year rate stands at 9.25%. Canara Bank‘s Repo Linked Lending Rate (RLLR) is now 9.25%, effective from February 12.
Bank of Baroda lending rates The bank’s rates remain the same. Overnight MCLR is 8.05%, one-month MCLR stays at 8.3%, and three-month MCLR remains steady at 8.4%. The six-month MCLR is 8.60%, and the one-year MCLR is 8.80%. Bank of Baroda’s BPLR for existing accounts is 13.70% per annum, effective April 12, 2023.
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| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 8.05 |
| 2 | 1 Month MCLR | 8.3 |
| 3 | 3 Month MCLR | 8.4 |
| 4 | 6 Month MCLR8.6 | 8.6 |
| 5 | 1 Year MCLR | 8.8 |
ICICI Bank lending rates According to the ICICI Bank website quoted by the financial daily, the overnight and one-month MCLR rates have been adjusted to 8.40 percent. The three-month and six-month MCLR rates at ICICI Bank are recorded at 8.45 percent and 8.60 percent, respectively. Additionally, the one-year MCLR has been revised to 8.65 percent.
Punjab National Bank (PNB) lending rates According to the information available on the PNB Bank website, the overnight rate has been raised to 7.90 percent, and the one-month MCLR rate has increased to 8 percent from 7.90 percent. Meanwhile, the three-month and six-month MCLR rates at PNB Bank have been adjusted to 8.10 percent and 8.30 percent, respectively. Moreover, the one-year MCLR has been hiked to 8.40 percent, and for three years, it stands at 8.70 percent.
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Yes Bank lending rates According to the Yes Bank website, new rates took effect from January 1, 2024. The overnight rate is 9.2%, while the one-month MCLR-based lending rate is 9.45%. Additionally, the three-month rate is 10%, the six-month rate is 10.25%, and the one-year rate is 10.50%.
Bank of India lending rates As per the Bank of India website, starting from February 1, 2024, the bank has raised its rates by 10 basis points (bps) for both overnight and one-month tenures. The three-month rate is set at 8.40%, the six-month rate stands at 8.60%, and the one-year rate has been adjusted to 8.80%.
