MCLR News

SBI has reduced EBLR and RRLR by 50 basis points, the Marginal Cost of Funds Based Lending Rate (MCLR) though remains unchanged. 

SBI MCLR Loan Interest Rate: RBI implemented MCLR on 1 April 2016 to determine rates of interest for loans. Notably, the revised MCLR became effective on October 15.    

The six-month MCLR is set at 9.40 per cent and the one year rate which is linked to many consumer loans, stands at 9.45 per cent.

The PNB MCLR rates, effective from 1st August 2024, have been hiked by 5 basis points.

SBI Home loan borrowers take note: Bank has announced hike in its MCLR rates effective from today, 15 July 2024.  

SBI, on Friday announced that it raised 100 million dollars (About Rs 830 crore) through bonds to boost business expansion.

While HDFC bank has hiked the MCLR in one month to six month by 10 basis points, it has hiked the 1 year MCLR by 5 basis points.

SBI Home loan borrowers have an update, as the bank has announced its latest MCLR rates effective from today. 

The majority of consumer loans, including auto, personal, and house loans, are fixed at the one-year rate.

State Bank of India (SBI) on Wednesday increased the MCLR-linked loans by 10 bps across the overnight and up to three year category of loans -- varying from 7.95 per cent to 8.70 per cent, effective February 15.

Canara Bank also added that existing borrowers of the Bank shall have an option to switch over to interest rates linked to MCLR other than Fixed Rate Loans.

 Earlier this month, the RBI hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.

SBI increases key lending rate or MCLR by 10 bps from Feb 15. Bank also introduces a specific tenure scheme of 400 days with 7.10% interest. The marginal cost of funds-based lending rate or MCLR is the key lending rate to determine the interest rates of different types of loans.

While ICICI has hiked the MCLR rates by 10 basis points, PNB and Bank of India have hiked rates by 5 and 25 basis points. A 100 basis point is equal to 1 percent.

Axis Bank has increased its marginal costo of funds-based lending rate (MCLR) by 25 basis points. Reserve Bank of India (RBI) had increased the repo rate to 5.90 %. Now the overnight and one-month MCLR stands at 8.15%.

SBI has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate. The one-year tenor MCLR is the rate against which most of the consumer loans are tied to. Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022.

Canara Bank introduces a special fixed deposit scheme. The scheme is for a tenure of 666 days and offers 7.50% interest. Canara earlier raised lending rate after Repo rate hike.

Bank of Baroda and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent. Benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent. Bank of Baroda's one-year MCLR will be priced at 7.80 per cent.

Canara bank hiked its benchmark lending rate by 0.15 % on Tuesday. MCLR is the minimum lending rate below which a bank or financial institution can’t afford to lend others. The one-year benchmark is used to fix most customers loans such as auto, personal, and home loans.

The one-month MCLR remains at 7.3%, the three-month MCLR remains at 7.35%, and the three-year MCLR remains at 7.80%. Banks have been raising interest rates on both deposits and loans in recent months. In early August, the RBI's Monetary Policy Committee raised the key repo rate by 50 basis points to 5.4 percent.