If you are planning to raise a floating rate loan such as home loan, it is vital to know the MCLR rates which the banks are currently charging. Banks typically link their rates to marginal cost of funds-based lending rates (or MCLR) which plays a key factor in determining interest rates for floating rate loans. When the MCLR increases, interest rate increases and when it declines, the interest rate falls too.
MCLR refers to the marginal cost of funds-based lending rates below which banks are not permitted to lend. This interest rate regime had replaced the base rate system after RBI introduced the same in April 2016. Here, we list out the MCLR across tenures of 5 major banks. Remember that the following list is indicative.
Top 5 banks’ MCLR rates across tenures:
1. HDFC Bank: HDFC Bank’s overnight MCLR is 9.15 percent, one month MCLR is 9.2 percent, 3-month MCLR is 9.3 percent, 6-month MCLR is 9.45 percent, one year MCLR is 9.45 percent, two year MCLR is 9.45 percent and three year MCLR is 9.5 percent.
2. ICICI Bank: This private lender’s overnight MCLR rate is 8.45 percent, one-month MCLR is 8.5 percent, three-month MCLR is 8.65 percent, six-month MCLR is 9 percent and one-year MCLR is 9.10 percent.
3. State Bank of India (SBI): SBI’s MCLR with effect from Nov 15 has been 8.2 percent (overnight and one month), 8.55 percent (three months), 8.90 percent (six months), 9 percent (one year), 9.05 percent (two years) and 9.10 percent (three years).
4. Punjab National Bank: PNB’s overnight MCLR is 8.30 percent, for one month, it is 8.40 percent, for three months, it is 8.60 per cent, for six months, it is 8.80 percent, for one year, it is 8.95 percent and for three years, it is 9.25 percent. These rates came into force on Nov 1, 2024.
5. Kotak Mahindra Bank: Its overnight MCLR is 8.75 percent, one-month MCLR is 9 percent, three month MCLR is 9.15 per cent, six month MCLR is 9.40 percent, one-year MCLR is 9.55 percent, two-year MCLR is also 9.55 percent, and for three-year duration, it is 9.65 percent.
Meanwhile, HDFC Bank on Nov 7, 2024, raised its marginal cost of lending based rates by 5 basis points across three tenors: overnight, one month and 3 years.[
