Several public, private, and small finance banks changed their loan interest rates in April. While most of these banks did not modify their Marginal Cost of Funds Lending Rates (MCLR), here are the best banks with top ratings and the lowest interest rates on MCLR Loans. Let’s see the full details.
It has been reported that the Reserve Bank of India (RBI) has maintained the key repo rates without any changes for the seventh consecutive time. However, banks adjust their interest rates based on the decision taken by the central bank on the repo rates. In April, it was observed that interest rates had been revised by several banks.
Some banks have slightly increased the MCLR (minimum interest rate charged by banks on loans), while others have kept it unchanged. The Reserve Bank introduced this policy, and most consumer loans are linked to a one-year tenure MCLR. We will now take a look at the MCLR interest rates in all eight leading banks, including SBI, ICICI, HDFC, and PNB.
ICICI Bank: According to the official website of this private bank, the MCLR rate for one month, including overnight, is 8.60%. The MCLR rate for 3 months is 8.65%, and for 6 months, it is 9%. The annual MCLR rate is 9.10%, and these rates have come into effect from March 22, 2024.
HDFC Bank: The overnight MCLR in HDFC Bank is 8.95%. The MCLR rate for one month is 9%, and for 3 months, it is 9.15%. The annual MCLR rate has reached 9.30%. These interest rates are effective from April 8.
SBI: The loan interest rates offered by SBI are relatively low compared to most other banks. The overnight MCLR is 8%, and the annual MCLR is 8.65%. These rates came into effect from April 15.
IDBI Bank: The new MCLR rates in this bank came into effect from April 12. Currently, the overnight MCLR is 8.35%. The MCLR rate for one month is 8.50%, and for 3 months, it is 8.80%. The MCLR for the year stands at 9.05%.
PNB: The overnight MCLR in Punjab National Bank is 8.30%, while the one-year tenure MCLR is 8.80%. These rates have been in effect since April 1.
Yes Bank: According to the official website of this bank, the overnight MCLR is 9.30%, the MCLR rate for 6 months is 10.45%, and for one year, it is 10.60%.
Bank of Baroda: This government bank has relatively low MCLR rates. The overnight MCLR is 8.10%, the one-month MCLR is 8.30%, and the year MCLR is 8.85%.
Canara Bank: The overnight MCLR is 8.15%, the MCLR rate for one month is 8.25%, and the MCLR for the year is 8.90%. These interest rates also came into effect from April 12.
