Multiple lenders, such as State Bank of India (SBI), HDFC Bank, Bank of Baroda, IDFC Bank, and Punjab National Bank (PNB), have recently adjusted their marginal cost of funds-based lending rate (MCLR). This alteration in MCLR implies that equated monthly instalments (EMIs) will become more costly for individuals availing loans tied to these MCLR rates.
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This holds true for various consumer loans, including personal, auto, and home loans linked to MCLR.
Loans linked to MCLR undergo a reset period, post which the interest rates are revised for borrowers.
This revision in MCLR rates occurs despite the Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee (MPC) keeping repo rate unchanged at 6.5% for five consecutive times.
However, preceding this pause in April, the central bank had implemented six consecutive rate hikes, totalling 250 basis points.
Here's a look at the MCLR rates of the banks after revision:
State Bank of India (SBI)
The State Bank of India (SBI) hiked the MCLR on select tenures by 5-10 basis points in December 2023. As per SBI's website, from December 15, MCLR on one-year tenure has been hiked to 8.65%.
Here's a look at revised MCLR of SBI, effective December 15, 2023:
| Tenor | MCLR (In %) |
|---|---|
| Overnight | 8.00% |
| One Month | 8.20% |
| Three Months | 8.20% |
| Six Months | 8.55% |
| One Year | 8.65% |
| Two Years | 8.75% |
| Three Years | 8.85% |
(Source: SBI)
HDFC Bank
HDFC Bank revised its MCLR on January 8, 2024.
The six-month MCLR saw an increase to 9.20%. Meanwhile, the overnight MCLR rose by 10 basis points to 8.80%, and the three-month MCLR by 5 basis points to 9%, among others.
Here's a look at revised MCLR of HDFC Bank, effective January 8, 2024:
| Tenor | MCLR (In %) |
|---|---|
| Overnight | 8.80% |
| One Month | 8.80% |
| Three Months | 9.00% |
| Six Months | 9.20% |
| One Year | 9.25% |
| Two Years | 9.25% |
| Three Years | 9.30% |
(Source: HDFC Bank)
Bank of Baroda
Bank of Baroda changed its MCLR on December 12, 2023.
Here's a look at revised MCLR of Bank of Baroda, effective December 12, 2023:
| MCLR Benchmark | MCLR in (%) |
|---|---|
| Overnight MCLR | 8.00% |
| 1 Month MCLR | 8.30% |
| 3 Month MCLR | 8.40% |
| 6 Month MCLR | 8.55% |
| 1 Year MCLR | 8.75% |
(Source: Bank of Baroda)
Punjab National Bank (PNB)
PNB revised its MCLR with effect from January 1, 2024.
Here's a look at revised MCLR of PNB, effective January 1, 2024:
| Tenor | MCLR |
|---|---|
| Overnight | 8.25% |
| One month | 8.30% |
| Three months | 8.40% |
| Six months | 8.60% |
| One year | 8.70% |
| Three years | 9.00% |
(Source: PNB)
IDFC Bank
IDFC Bank revised its MCLR with effect from January 8, 2023.
Here's a look at revised MCLR of IDFC Bank, effective January 8, 2024:
| Tenor | MCLR in % |
|---|---|
| O/N | 9.50% |
| 1m | 9.50% |
| 3m | 9.75% |
| 6m | 10.10% |
| 1 Year | 10.25% |
(Source: IDFC Bank)
(Edited by : Shoma Bhattacharjee)
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