If you are planning to take a loan from the bank in the near future, then this news is for you. Actually, many big banks have changed their Marginal Cost of Funds Based Lending Rate (MCLR) during the month of July.
MCLR is the minimum rate at which the bank can give loan to the customers. Reserve Bank of India (RBI) introduced MCLR rate in the year 2014 to determine the interest rates of different types of loans. The EMI of the customers is decided by the increase or decrease in the MCLR rate.
If the bank increases the MCLR rate, then the rate of your loan will increase. Whereas if the bank decreases the MCLR rate, then the rate of your loan will also decrease. According to a news published in ET, let us know about those 6 banks which have changed their MCLR rate during the month of July.
HDFC Bank
HDFC Bank has reduced the overnight MCLR rate by 10 basis points, which has come down from 9.05 percent to 8.95 percent. While for 1 month it has increased by 10 basis points from 9 percent to 9.10 percent, while for 3 month period it has increased by 5 basis points from 9.15 percent to 9.20 percent. At the same time, the bank has increased the 6-month MCLR from 9.30 percent to 9.35 percent, 1-year MCLR from 9.30 percent to 9.40 percent. On the other hand, after the revision, 2-year and 3-year MCLR has been increased to 9.40 percent. These rates are effective from July 8, 2024.
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Yes Bank
Yes Bank’s overnight MCLR is 9.10 percent. While MCLR for 1 month is 9.45 percent, for 3 months is 10.10 percent, for 6 months is 10.35 percent and for 1 year is 10.50 percent. According to Yes Bank’s website, the new rates will be applicable from July 1, 2024.
Canara Bank
Canara Bank’s overnight MCLR rate is 8.20 percent. While the bank’s 1 month MCLR rate is 8.30 percent, 3 month MCLR rate is 8.40 percent. On the other hand, the bank’s 6-month MCLR is 8.75 percent, 1 year MCLR is 8.95 percent, 2 year MCLR is 9.25 percent and 3 year MCLR is 9.35 percent. These rates are effective from July 12, 2024.
Bank of Baroda
Let us tell you that after the change, Bank of Baroda’s overnight MCLR rate is 8.15 percent, 1 month MCLR rate is 8.35 percent, 3 month MCLR rate is 8.45 percent, 6 month MCLR rate is 8.70 percent while 1 year MCLR rate is 8.90 percent. These rates are effective from July 12, 2024.
IDBI Bank
According to the IDBI Bank website, the bank’s latest overnight MCLR is 8.40 percent, 1 month MCLR is 8.55 percent, 3 month MCLR is 8.85 percent, 6 month MCLR is 9.10 percent, 1 year MCLR is 9.15 percent, 2 year MCLR is 9.70 percent while 3 year MCLR is 10.10 percent. These rates are effective from June 12, 2024.
PNB lending rates
According to the PNB website, the bank’s overnight MCLR is 8.25 percent, MCLR for 1 month is 8.30 percent, MCLR for 3 months is 8.50 percent, MCLR for 1 year is 8.85 percent while MCLR for 3 years is 9.15 percent. These rates are effective from July 1, 2024.
