Loan Interest Rate October 2024: RBI may not have made any change in the repo rate for the last one and a half years. But in the month of October, many big banks have changed the MCLR. Banks change their interest rates under MCLR.
SBI has reduced the loan rate for a certain period. While HDFC Bank has increased it for two periods. Let us know about the interest rates offered by big banks like SBI, HDFC Bank, Punjab National Bank, Yes Bank, Bank of Baroda and IDBI Bank-
HDFC has increased the interest rate by 5 bps on loans with tenures of 6 months and 3 years. The bank has not changed the interest rate of any loan except these two tenures. It offers interest rate of 9.10% for overnight and 9.15% for one month. Three month MCLR is 9.30% and six month MCLR has increased from 9.40% to 9.45%. One year MCLR is 9.45%. Two year MCLR is at 9.45% and three year tenure has increased from 9.45 to 9.50% after revision.
State Bank of India (SBI) MCLR based rates have been adjusted within the range of 8.20% to 9.1%. The overnight MCLR of the bank stands at 8.20% while for one month it has come down from 8.45% to 8.20%, a drop of 25 bps. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised to 8.95%. The two-year MCLR stands at 9.05% and the three-year MCLR stands at 9.1%.
Bank of Baroda’s overnight interest rate is 8.15%. One month rate is 8.35%. Three month rate is 8.50%. Six month rate has increased to 8.75%. One year interest rate is 8.95%. The new rates have become effective from October 12, 2024.
According to the PNB website, the bank’s overnight interest rate is 8.30%. The MCLR based loan rate for one month is 8.40%. For three months it is 8.60% and for one year the rate is 8.95%. The three-year period is 9.25%. The rates have been implemented from October 1, 2024.
According to the IDBI Bank website, the MCLR for overnight period is 8.40% and for one month it is 8.55%. The three-month MCLR rate for IDBI Bank customers is 8.85%. The six-month MCLR is 9.10%. The one-year MCLR is 9.15%. The two-year MCLR is 9.70%. The three-year MCLR is 10.10%. These rates are also effective from October 12, 2024.
In Canara Bank, overnight interest rate is 8.30% and one month interest rate is 8.40%. Three month rate is 8.50% and six month rate is 8.85%. Similarly, one year rate is 9.05% and two year rate is 9.30%. Three year rate is 9.40%. The new rates have been made effective from October 12, 2024.
According to Yes Bank’s website, the new rates are effective from October 1, 2024. The overnight rate is 9.20%. The rate for MCLR based loan for one month is 9.55%. The rate for three months is 10.20%. The rate for six months is 10.45% and the rate for one year is 10.60%.
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