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 a bank can give loan to customers. Reserve Bank of India (RBI) had introduced MCLR rate in the year 2014 to determine the interest rates of different types of loans. EMI of customers is decided by the increase or decrease in MCLR rate. If the bank increases the MCLR rate, your loan rates will increase. Whereas if the bank reduces the MCLR rate then your loan rate will also reduce. According to a news published in ET, let us know about those 6 banks which have changed their MCLR rates during the month of July.
HDFC Bank
HDFC Bank has reduced the overnight MCLR rate by 10 basis points from 9.05% to 8.95%. Whereas for 1 month it has increased by 10 basis points from 9% to 9.10% while for 3 month period it has increased by 5 basis points from 9.15% to 9.20%. At the same time, the bank has increased the 6 months 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 amendment, MCLR for 2 years and 3 years 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. Whereas MCLR for 1 month is 9.45%, for 3 months is 10.10%, for 6 months is 10.35% and for 1 year is 10.50%. According to the Yes Bank 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 months MCLR is 8.75 percent, 1 year MCLR is 8.95 percent, 2 years MCLR is 9.25 percent and 3 years MCLR is 9.35 percent. These rates are effective from July 12, 2024.
Bank of Baroda
Let us tell you that after the change, the overnight MCLR rate of Bank of Baroda 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.
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IDBI Bank
According to IDBI Bank website, the latest overnight MCLR of the bank is 8.40%, 1 month MCLR 8.55%, 3 month MCLR 8.85%, 6 month MCLR 9.10%, 1 year MCLR 9.15%, 2 year MCLR 9.70. Percent whereas MCLR of 3 years is 10.10 percent. These rates are effective from June 12, 2024.
pnb lending rates
According to the PNB website, the overnight MCLR of the bank is 8.25%, MCLR for 1 month is 8.30%, MCLR for 3 months is 8.50%, MCLR for 1 year is 8.85% while MCLR for 3 years is 9.15%. These rates are effective from July 1, 2024.
