In January 2024, many banks have changed their Marginal Cost Best Lending Rate i.e. MCLR. Due to changes in this, the interest rates on home loan and personal loan also change.
In January 2024, many banks have changed their Marginal Cost Best Lending Rate i.e. MCLR. Due to changes in this, the interest rates on home loan and personal loan also change. Banks which have changed their MCLR rates include banks like IDBI, Bank of Baroda, ICICI Bank and PNB. Let us know which bank has made how much change.
1- ICICI Bank
According to the website of ICICI Bank, the bank has increased MCLR by 10 basis points. Overnight rates have been reduced to 8.6 percent, which were earlier 8.5 percent. Whereas the 3 month rate has been increased from 8.55 percent to 8.65 percent. The 6 month rates have been increased from 8.9 percent to 9 percent. At the same time, the 1 year rates have been increased from 9 percent to 9.1 percent.
2- Punjab National Bank
According to the website of PNB, the bank has increased the MCLR rates by 5 basis points. Overnight rates have been increased from 8.2 to 8.25 percent. The 3 month rate has been increased from 8.35 percent to 8.40 percent. The 6 month rates have been increased from 8.55 percent to 8.60 percent. If we talk about 1 year rates, it has been increased from 8.65 percent to 8.70 percent.
3- Bank of India
Bank of India has also increased MCLR rates by 5 basis points. The overnight rate has been increased to 8 percent, which was earlier 7.95 percent. MCLR based rates have become 8.25 percent for 1 month. Whereas the rate for 3 months is 8.40 percent. The rates for 6 months are 8.60 percent and the rates for 1 year are 8.8 percent.
4- Bank of Baroda
Bank of Baroda has also increased its MCLR rates. The overnight MCLR rate has been increased from 8 percent to 8.5 percent. There has been no change in the one month MCLR rate and it has been kept constant at 8.30 percent. The 3 month MCLR rate has also been kept unchanged at 8.4 percent. Whereas for a period of 6 months, the MCLR rate has been increased by 5 basis points and it has been increased from 8.55 percent to 8.60 percent. MCLR rates have been increased from 8.75 percent to 8.80 percent for a period of 1 year.
5- Canara Bank
Canara Bank has also increased MCLR rates by 5 basis points. Now the overnight rate has been increased from 8 percent to 8.05 percent. The MCLR rate has been increased from 8.10 percent to 8.15 percent for a period of one month. At the same time, the rate has been increased to 8.25 percent for a period of 3 months, which was earlier 8.20 percent. This rate has been increased from 8.55 percent to 8.60 percent for a period of 6 months. At the same time, the rate for one year has been increased from 8.75 percent to 8.80 percent. Canara Bank has increased MCLR to 9.10 percent for two years and 9.20 percent for three years.
6- HDFC Bank
HDFC Bank has increased the overnight MCLR by 10 basis points from 8.70 percent to 8.80 percent. MCLR rates have been increased by 5 basis points to 8.80 percent for one month. The rates have become 9 percent for 3 months. MCLR rate has been increased to 9.20 percent for 6 months. MCLR has been reduced to 9.25 percent for one year. This rate has become 9.30 percent for 3 years.
7- IDBI Bank
According to the website of IDBI Bank, the bank has reduced the overnight MCLR to 8.30 percent. MCLR for the period of one month has become 8.45 percent. This rate is 8.75 percent for 3 months. MCLR for 6 months is 8.95 percent. MCLR has been reduced to 9 percent for 1 year. MCLR rate for 2 years has become 9.55 percent. Not only this, MCLR has been reduced to 9.95 percent for 3 years.
