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MCLR News

15 Oct 2024

SBI Slashes Loan Interest Rate By 25 bps On This Short-Term Tenure

SBI MCLR Loan Interest Rate: RBI implemented MCLR on 1 April 2016 to determine rates of interest for loans. Notably, the revised MCLR became effective on October 15.

08 Sep 2024

HDFC Bank Hikes Key Lending Rate For 3-Month Tenure; Check Updated MCLR For Se

The six-month MCLR is set at 9.40 per cent and the one year rate which is linked to many consumer loans, stands at 9.45 per cent.

Punjab National Bank

01 Aug 2024

PNB Home Loan EMI To Shoot Up! Bank Hikes MCLR Rates Effective From Today

The PNB MCLR rates, effective from 1st August 2024, have been hiked by 5 basis points.

State Bank of India

15 Jul 2024

SBI Home Loan Customers Alert! Bank Hikes MCLR Rates Effective From Today

SBI Home loan borrowers take note: Bank has announced hike in its MCLR rates effective from today, 15 July 2024.

State Bank of India

15 Jun 2024

EMIs To Go Up As SBI Bank Raises Lending Rates By 10 Basis Points

SBI, on Friday announced that it raised 100 million dollars (About Rs 830 crore) through bonds to boost business expansion.

08 Feb 2024

Loan EMI To Become Expensive As HDFC Bank Raises MCLR Rates --Check New Rates

While HDFC bank has hiked the MCLR in one month to six month by 10 basis points, it has hiked the 1 year MCLR by 5 basis points.

State Bank of India

15 Sep 2023

SBI Home Loan Alert! Check SBI Latest MCLR Rates Effective From Today 15 Sept

SBI Home loan borrowers have an update, as the bank has announced its latest MCLR rates effective from today.

Bank of Maharashtra

18 Apr 2023

Bank of Maharashtra Hikes MCLR Lending Rates --Check Latest Rates Here

The majority of consumer loans, including auto, personal, and house loans, are fixed at the one-year rate.

16 Apr 2023

BoB, IOB Hike Lending Rates On Loans; SBI Marginally Ups Deposit Rates

State Bank of India (SBI) on Wednesday increased the MCLR-linked loans by 10 bps across the overnight and up to three year category of loans -- varying from 7.95 per cent to 8.70 per cent, effective February 15.

12 Apr 2023

Canara Bank Hikes MCLR From Today; Home, Auto, Personal Loan EMIs To Go Up

Canara Bank also added that existing borrowers of the Bank shall have an option to switch over to interest rates linked to MCLR other than Fixed Rate Loans.

28 Feb 2023

PNB, HDFC Banks Hike Key Lending Rate; Making Loans Expensive For Customers

Earlier this month, the RBI hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.

15 Feb 2023

SBI Hikes Key Lending Rate by 10 bps From Feb 15, EMIs set to Increase

SBI increases key lending rate or MCLR by 10 bps from Feb 15. Bank also introduces a specific tenure scheme of 400 days with 7.10% interest. The marginal cost of funds-based lending rate or MCLR is the key lending rate to determine the interest rates of different types of loans.

01 Dec 2022

BAD NEWS for Loan borrowers! EMIs to go up as 3 big banks hike MCLR rates

While ICICI has hiked the MCLR rates by 10 basis points, PNB and Bank of India have hiked rates by 5 and 25 basis points. A 100 basis point is equal to 1 percent.

18 Oct 2022

Axis Bank hikes MCLR rate by 25 bps, making loans costlier; Check rates here

Axis Bank has increased its marginal costo of funds-based lending rate (MCLR) by 25 basis points. Reserve Bank of India (RBI) had increased the repo rate to 5.90 %. Now the overnight and one-month MCLR stands at 8.15%.

17 Oct 2022

Banks hike MCLRs, repo-linked lending rates post RBI rate action

SBI has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate. The one-year tenor MCLR is the rate against which most of the consumer loans are tied to. Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022.

Canara Bank special fixed deposit scheme

08 Oct 2022

Canara Bank launches special FIXED DEPOSIT scheme offering 7.5% interest rate

Canara Bank introduces a special fixed deposit scheme. The scheme is for a tenure of 666 days and offers 7.50% interest. Canara earlier raised lending rate after Repo rate hike.

10 Sep 2022

IOB, Bank of Baroda raise MCLR rates by up to 0.10 %

Bank of Baroda and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent. Benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent. Bank of Baroda's one-year MCLR will be priced at 7.80 per cent.

06 Sep 2022

Canara bank hikes benchmark lending rate; Check the new rates

Canara bank hiked its benchmark lending rate by 0.15 % on Tuesday. MCLR is the minimum lending rate below which a bank or financial institution can’t afford to lend others. The one-year benchmark is used to fix most customers loans such as auto, personal, and home loans.

30 Aug 2022

Bank of India hikes overnight, 6 months, 1 year lending rates

The one-month MCLR remains at 7.3%, the three-month MCLR remains at 7.35%, and the three-year MCLR remains at 7.80%. Banks have been raising interest rates on both deposits and loans in recent months. In early August, the RBI's Monetary Policy Committee raised the key repo rate by 50 basis points to 5.4 percent.

15 Aug 2022

SBI raises benchmark lending rates by up to 50 basis points

External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points. Hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure. The revised rates are effective from August 15.

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