Since the beginning of this year i.e. January, many banks have changed their marginal cost of lending rates. Many banks have increased MCLR.
It is clear that the increase in MCLR will have a direct impact on home and personal loans. Both these loans have now become expensive for the customers.
A total of 7 banks have shared the latest update regarding their marginal cost of lending rates-
Punjab National Bank
Punjab National Bank has increased MCLR rates by 5 basis points. After the latest update, overnight rates have now increased from 8.2 to 8.25 percent.
The 3 month interest rate has now increased from 8.35 percent to 8.40 percent.
The 6 month interest rate has now increased from 8.55 percent to 8.60 percent.
The 1 year interest rate has now increased from 8.65 percent to 8.70 percent.
Bank of India
Bank of India has also increased MCLR rates by 5 basis points. After the latest update, overnight rates have increased from 7.95 percent to 8 percent.
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The 3 month interest rate has now increased to 8.40 percent.
The 6 month interest rate has now increased to 8.60 percent.
The 1 year interest rate has now increased to 8.80 percent.
HDFC bank
HDFC Bank has increased MCLR rates by 10 basis points. After the latest update, overnight rates have increased from 8.70 percent to 8.80 percent.
The interest rate for 3 months has now increased to 9 percent.
The 6 month interest rate has now increased to 9.20 percent.
The 1 year interest rate has now increased to 9.25 percent.
ICICI Bank
ICICI Bank has increased MCLR rates by 10 basis points. After the latest update, overnight rates have increased from 8.50 percent to 8.60 percent.
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The 3 month interest rate has now increased from 8.55 percent to 8.65 percent.
The 6 month interest rate has now increased from 8.90 percent to 9.00 percent.
The 1 year interest rate has now increased from 9 percent to 9.10 percent.
Canara Bank
Canara Bank has increased MCLR rates by 5 basis points. After the latest update, overnight rates have increased from 8 percent to 8.05 percent.
The 3 month interest rate has now increased from 8.20 percent to 8.25 percent.
The 6 month interest rate has now increased from 8.55 percent to 8.60 percent.
The 1 year interest rate has now increased from 8.75 percent to 8.80 percent.
IDBI Bank
IDBI Bank has increased MCLR rates. After the latest update, overnight rates have increased to 8.30 percent.
The 3 month interest rate has now increased to 8.75 percent.
The 6 month interest rate has now increased to 8.95 percent.
The 1 year interest rate has now increased to 9 percent.
Bank of Baroda
Bank of Baroda has increased MCLR rates by 5 basis points. After the latest update, overnight rates have increased from 8 percent to 8.05 percent.
The interest rate for 3 months is only 8.40 percent.
The 6 month interest rate has now increased to 8.60 percent.
The 1 year interest rate has now increased from 8.75 percent to 8.80 percent.
