Several banks have raised their marginal cost of lending rates (MCLRs) in November 2024. A few banks have merely updated the date. In the marginal cost-based lending rates (MCLR) system, banks adjust their interest rates whenever there are changes to the repo rate. This implementation aims to enhance transparency in the methods employed by banks to determine interest rates on loans. Institutions like SBI, HDFC Bank, Bank of Baroda, and IDBI Bank have increased their lending rates for certain tenures.
What is MCLR?
The Marginal Cost of the Fund-Based Lending Rate, or the MCLR, is the minimum interest rate 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.
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SBI: Check latest lending rates here
SBI overnight and one-month MCLR is at 8.20%. The bank has hiked three-month MCLR from 8.50% to 8.55%. The six-month tenure is increased to 8.90% from 8.85%. The one year tenure which is linked to auto loans is raised to 9% from 8.95%. The two- and three-year tenure is 9.05% and 9.10% respectively.
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8.2 | 8.2 |
| One Month | 8.2 | 8.2 |
| Three Month | 8.5 | 8.55 |
| Six Month | 8.85 | 8.9 |
| One Year | 8.95 | 9 |
| Two Years | 9.05 | 9.05 |
| Three Years | 9.1 | 9.1 |
HDFC Bank: Check latest lending rates
The bank has increased lending rates by 5 bps on overnight and one month tenure months and 3 years tenure. The bank has not revised any lending rates apart from these two tenures. For overnight the bank now offers 9.15% from 9.10% and for one month it is 9.20% from 9.15%. On three-month tenure, the bank offers 9.30%. The six-month MCLR is 9.45%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year MCLR stands at 9.45%- and three-years tenure stands at 9.50%.
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| Effective Date: Nov 07, 2024 | |
| Tenor | MCLR |
| Overnight | 9.15% |
| 1 Month | 9.20% |
| 3 Month | 9.30% |
| 6 Month | 9.45% |
| 1 Year | 9.45% |
| 2 Year | 9.45% |
| 3 Year | 9.50% |
Bank of Baroda: Check latest lending rates
The bank has revised on three tenures by 5 basis points. The overnight rate is 8.15%. The one-month rate is 8.35%. The three-month rate is raised to 8.55%. The six-month rate increased to 8.80%. The one-year rate has been raised to 9%. The rates are effective from November 12, 2024.
| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 8.15 |
| 2 | 1 Month MCLR | 8.35 |
| 3 | 3 Month MCLR | 8.55 |
| 4 | 6 Month MCLR | 8.8 |
| 5 | 1 Year MCLR | 9 |
Canara Bank loan rates: Check latest lending rates
The overnight rate is now 8.30%. The one-month rate is 8.40%. The three-month rate is 8.50%. The six-month rate is 8.85%. The one-year rate is 9.05%. The two-year rate is at 9.30%. The three-year rate is 9.40%. The rates are effective from Novembers 12, 2024.
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PNB loan rates update: Check latest lending rates
According to the PNB website, the overnight rate is 8.30% now. The MCLR-based lending rate for one month is 8.40%. The three-month rate is 8.60%. The one-year rate is 8.95% and the three-year tenure is 9.25%. The rates are effective from November 1, 2024.
| MCLR W.E.F. 01-11-2024 | ||
| MCLR TENOR | Existing w.e.f. 01.10.2024 | Revised w.e.f. 01.11.2024 |
| Overnight | 8.30% | 8.30% |
| One month | 8.40% | 8.40% |
| Three month | 8.60% | 8.60% |
| Six month | 8.80% | 8.80% |
| One year | 8.95% | 8.95% |
| Three years | 9.25% | 9.25% |
IDBI Bank loan rates update: Check latest lending rates
According to the IDBI Bank website, the bank has hiked lending rates by 5 bps on all tenures. The latest MCLR for overnight tenor is increased to 8.45%. For a one-month tenure, the MCLR is 8.60%. The three-month MCLR rate for IDBI Bank customers is 8.90%. The six-month MCLR is 9.15%. The one-year MCLR is 9.20%. The two-year MCLR is 9.75%. The three-year MCLR is 10.15%. These rates are effective from November 12, 2024.
| Tenor | MCLR |
| Overnight MCLR | 8.45% |
| One Month MCLR (1M) | 8.60% |
| Three Month MCLR (Q) | 8.90% |
| Six Month MCLR (HY) | 9.15% |
| One year MCLR (Y) | 9.20% |
| Two Year MCLR (2Y) | 9.75% |
| Three Year MCLR (3Y) | 10.15% |
YES Bank loan rates: Check latest lending rates
According to the YES Bank website, the new rates are with effect from November 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%.
