Under the marginal cost-based lending rates (MCLR) regime, banks modify their interest rates in response to changes in the repo rate at the earliest. The goal of the implementation is to make the mechanism that banks use to determine the interest rate on advances more transparent.
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Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend.
Here is a look at the list of banks that have revised their MCLR in July 2024.
Latest HDFC Bank lending rates
The bank has reduced the lending rate by 10 bps on overnight tenure from 8.95% to 9.05% and for one month it has increased from 9% to 9.10%, an increase of 10 bps. On three-month tenure, the bank has increased by 5 bps from 9.15% to 9.20%. The six-month MCLR is increased from 9.30% to 9.35%. The one-year MCLR, which is linked to many consumer loans, has increased to 9.40% from 9.30%. The two-year and three-year MCLR is increased to 9.40% after the revision. The rates are effective July 8, 2024.
HDFC Bank increases loan interest rates by up to 10 basis points; loan EMIs to rise further
Yes Bank lending rates
According to the Yes bank website, the new rates are with effect from July1, 2024. The overnight rate is 9.10%. The MCLR based lending rate for one-month is 9.45%. The three month rate is 10.10%. The six-month rate is 10.35%. The one-year rate is 10.50%.
Canara Bank lending rates
The overnight rate is 8.20%. The one-month rate is 8.30%. The three-month rate is 8.40%. The six-month rate is at 8.75%. The one-year rate is 8.95%. The two-year rate is at 9.25%. The three-year rate is 9.35%. The rates are effective from July 12, 2024.
Bank of Baroda lending rates
The overnight rate is 8.15%. The one-month rate is 8.35%. The three-month rate is 8.45%. The six-month rate is at 8.70%. The one-year rate is 8.90%. The rates are effective from July 12, 2024.
IDBI Bank lending rates
According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.40%. For one-month tenure the MCLR 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 effective from June 12, 2024.
PNB lending rates
According to the PNB website, the overnight rate is 8.25%. The MCLR based lending rate for one-month is 8.30%. The three-month rate is 8.50%. The one year rate is 8.85% and three year tenure is 9.15%. The rates are effective from July 1, 2024.