Many lenders have recently adjusted their marginal cost of lending rates (MCLR). Under the marginal cost-based lending rates (MCLR) system, banks adjust their interest rates as soon as the repo rate fluctuates. The implementation aims to make the mechanism used by banks to determine interest rates on advances more transparent.
The Reserve Bank of India (RBI) maintained the repo rate at 6.50 per cent at the most recent monetary policy meeting.
What is MCLR?
The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate that a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.
Here is a look at the list of banks that have revised their MCLR in September 2024.
SBI loan rates: Check latest lending rates here
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR is at 8.20%, while the rates for the one-month and three-month tenures are now at 8.45% and 8.5%, respectively. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised at 8.95%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.
Bank of Baroda loan rates: Check latest lending rates here
The bank has hiked lending rates by up to 5 basis points (bps) on certain tenures. The overnight rate is 8.15%. The one-month rate is 8.35%. The three-month rate is 8.50%. The six-month rate is increased to 8.75%. The one-year rate is 8.95%. The rates are effective from September 12, 2024.
Read More: These MF schemes are offering dividends ranging from Rs 1.20 to Rs 14.63 per unit. Do you own any?
HDFC Bank loan rates update: Check latest lending rates here
The bank has not revised any lending rates apart from 3 months tenure. For overnight the bank offers 9.10% and for one month it is 9.15%. On a three-month tenure, the bank has increased by 5 bps from 9.25% to 9.30%. The six-month MCLR is 9.40%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year and three-year MCLR stands at 9.45% after the revision.
PNB loan rates update: Check latest lending rates here
The bank has hiked the lending rates by 5 bps on some tenures. According to the PNB website, the overnight rate is 8.30% now. The MCLR-based lending rate for one month is hiked to 8.40%. The three-month rate is hiked to 8.60%. The one-year rate is hiked to 8.95% and the three-year tenure is hiked to 9.25%. The rates are effective from September 1, 2024.
IDBI Bank loan rates update: Check latest lending rates here
According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.40%. For a one-month tenure, the MCLR is 8.55%. The three-month MCLR rate for IDBI Bank customers is 8.85%. The six-month MCLR is 9.10%. The one-year MCLR is 9.15%. The two-year MCLR is 9.70%. The three-year MCLR is 10.10%. These rates are effective from September 12, 2024.
Read More: Fixed Deposit: This Bank offers up to 8.55% interest on 1 year FD – Check latest rates
Canara Bank loan rates: Check latest lending rates here
The bank has hiked by 5 bps on all tenures. The overnight rate is now 8.25%. The one-month rate is 8.35%. The three-month rate is 8.45%. The six-month rate is at 8.80%. The one-year rate is 9%. The two-year rate is at 9.30%. The three-year rate is 9.40%. The rates are effective from September 12, 2024.
YES Bank loan rates: Check latest lending rates here
According to the YES Bank website, the new rates are with effect from September 1, 2024. The overnight rate is 9.20%. The MCLR-based lending rate for one month is 9.55%. The three-month rate is 10.20%. The six-month rate is 10.45%. The one-year rate is 10.60%.
