Latest loan interest rates: Banks typically review their Marginal Cost of Lending Rates (MCLR) monthly to adjust for changes in their financing costs and other factors. These adjustments consider factors like the repo rate and other loan-related rates. According to ET, generally, banks cannot lend below the MCLR, except in specific cases. Below are the latest MCLR rates from the top 7 banks in May 2024.
1. Bank of Baroda (BoB) Bank of Baroda (BoB)’s latest MCLR rates are effective from May 12, 2024. The overnight rate is 8.10%, the one-month rate is 8.30%, the three-month rate is 8.45%, the six-month rate is 8.65%, and the one-year rate is 8.85%.
| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 8.1 |
| 2 | 1 Month MCLR | 8.3 |
| 3 | 3 Month MCLR | 8.45 |
| 4 | 6 Month MCLR | 8.65 |
| 5 | 1 Year MCLR | 8.85 |
2. HDFC Bank HDFC Bank’s overnight MCLR is 8.95%. The one-month MCLR is now 9%. For three months, it’s 9.15%, and for six months, it’s 9.30%. The one-year MCLR, commonly used for consumer loans, has been increased to 9.30%. Additionally, the two and three-year MCLR rates stand at 9.35%. These rates came into effect from May 7, 2024.
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| Tenor | MCLR |
| Overnight | 8.95% |
| 1 Month | 9.00% |
| 3 Month | 9.15% |
| 6 Month | 9.30% |
| 1 Year | 9.30% |
| 2 Year | 9.35% |
| 3 Year | 9.35% |
3. Yes Bank As per the Yes Bank website, the updated rates took effect from May 1, 2024. The overnight rate stands at 9.25%. For one month, the MCLR-based lending rate is 9.60%. Moving on, the three-month rate is 10.20%, while the six-month rate is 10.45%. Lastly, the one-year rate stands at 10.60%.
4. Canara Bank The overnight rate is 8.15%, the one-month rate is 8.25%, the three-month rate is 8.35%, the six-month rate is 8.70%, and the one-year rate is 8.90%. Additionally, the two-year rate is 9.20%, and the three-year rate is 9.30%. These rates came into effect from May 12, 2024.
5. PNB As per the PNB website, effective from May 1, 2024, the overnight rate is 8.25%. For one month, the MCLR-based lending rate stands at 8.30%. Similarly, for three months, it’s 8.45%. Lastly, the one-year rate is 8.80%.
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| MCLR TENOR | Existing W.E.F. 01.04.2024 | Revised W.E.F. 01.05.2024 |
| Overnight | 8.30% | 8.25% |
| One month | 8.35% | 8.30% |
| Three month | 8.45% | 8.45% |
| Six month | 8.65% | 8.65% |
| One year | 8.80% | 8.80% |
| Three years | 9.10% | 9.10% |
6. IDBI Bank As per the IDBI Bank website, effective from May 12, 2024, the overnight MCLR rate is 8.35%. For one month, it’s 8.50%. For three months, it’s 8.80%. The six-month MCLR stands at 9%, while the one-year rate is 9.05%. Furthermore, the two-year MCLR is 9.60%, and the three-year MCLR is 10%.
| Tenor | MCLR |
| Overnight MCLR | 8.35% |
| One Month MCLR (1M) | 8.50% |
| Three Month MCLR (Q) | 8.80% |
| Six Month MCLR (HY) | 9.00% |
| One year MCLR (Y) | 9.05% |
| Two Year MCLR (2Y) | 9.60% |
| Three Year MCLR (3Y) | 10.00% |
7. SBI SBI’s overnight MCLR rate is 8%, and for one month, it’s 8.2%. Similarly, the three-month MCLR stands at 8.2%. Moving on, the six-month MCLR is 8.55%, while the one-year MCLR stands at 8.65%. Most consumer loans are typically linked to the one-year MCLR. Furthermore, the two-year MCLR is 8.75%, and the three-year MCLR is 8.85%. These rates took effect from May 15, 2024.
| Tenor | Existing MCLR (In %) | Revised MCLR (In %)* |
| Over night | 8 | 8 |
| One Month | 8.2 | 8.2 |
| Three Month | 8.2 | 8.2 |
| Six Month | 8.55 | 8.55 |
| One Year | 8.65 | 8.65 |
| Two Years | 8.75 | 8.75 |
| Three Years | 8.85 | 8.85 |
