In December 2024, many banks increased their marginal cost of lending rates (MCLRs) and some banks kept the rates unchanged. Every time the repo rate fluctuates, banks that use the marginal cost-based lending rates (MCLR) system modify their interest rates. The goal of this implementation is to increase transparency of the processes banks use to calculate loan interest rates.
What is MCLR?
According to the HDFC Bank website, “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 has kept the lending rates unchanged on all tenures. SBI overnight and one-month MCLR is at 8.20%. The three-month MCLR stands at 8.55%. MCLR for six-month tenure is at 8.90%. The MCLR rate for one-year tenure, which is typically linked to auto loans, is at 9%. The MCLR for the two- and three-year tenures 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 | 8.55 | 8.55 |
| Six Month | 8.9 | 8.9 |
| One Year | 9 | 9 |
| Two Years | 9.05 | 9.05 |
| Three Years | 9.1 | 9.1 |
| *No Change |
HDFC Bank: Check latest lending rates
HDFC Bank has increased overnight MCLR by 5 bps from 9.15% to 9.20% . The bank has not revised any other MCLR apart from the overnight tenure. For one month, MCLR is at 9.20%. On three-month tenure, the bank offers 9.30% MCLR. 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 the bank offers 9.50% MCLR on three year tenures.
| Tenor | MCLR |
| Overnight | 9.20% |
| 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 overnight MCLR is at 8.15%. The one-month MCLR is at 8.35%. The three-month MCLR is at 8.55%. The six-month MCLR is 8.80%. The one-year MCLR is at 9%. The rates are effective from December 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
Canara Bank has hiked lending rates on all tenures by 5 basis points. The overnight rate has been raised to 8.35%. The one-month MCLR has been raised to 8.45% from 8.40% after the hike. The three-month MCLR has been raised to 8.55% from 8.50%. The six-month MCLR has been raised to 8.90% from 8.85%. The one-year MCLR has been raised to 9.10% from 9.05%. The two-year MCLR has been raised to 9.35% from 9.30%. The rates are effective from December 12, 2024 onwards.
Read More: SBI Announces Latest MCLR Rate: Check New Rates For Various Tenure
PNB loan rates update: Check latest lending rates
PNB has hiked lending rates on all tenures by 5 basis points. According to the PNB website, the overnight rate has been raised to 8.35% from 8.30%. The MCLR-based lending rate for one month has been raised to 8.45% from 8.40%. The three-month rate is 8.65% after a 5-bps hike. The one-year rate has been changed to 9% from 8.95% and the rate on the three-year tenure has been changed from 9.30% from 9.25%. The rates are effective from December 1, 2024 onwards.
| MCLR W.E.F. 01-12-2024 | ||
| MCLR TENOR | Existing w.e.f. 01.11.2024 | Revised w.e.f. 01.12.2024 |
| Overnight | 8.30% | 8.35% |
| One month | 8.40% | 8.45% |
| Three month | 8.60% | 8.65% |
| Six month | 8.80% | 8.85% |
| One year | 8.95% | 9.00% |
| Three years | 9.25% | 9.30% |
IDBI Bank loan rates update: Check latest lending rates
According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.45%. For a one-month tenure, the MCLR is at 8.60%. The three-month MCLR rate for IDBI Bank customers is at 8.90%. The six-month MCLR is at 9.15%. The one-year MCLR is 9.20%. The two-year MCLR is 9.75%. The three-year MCLR is at 10.15%. These rates are effective from December 12, 2024 onwards.
