MCLR Updates Across Major Banks
In December 2024, many banks revised their Marginal Cost of Lending Rates (MCLR). These changes impact loan interest rates for various tenures. Here’s a quick summary of the updates for banks like SBI, HDFC Bank, PNB, Canara Bank, and more.
What is MCLR?
MCLR is the minimum interest rate that banks can charge for loans. It’s calculated based on the marginal cost of funds, ensuring transparency in loan pricing. Changes in repo rates directly influence MCLR adjustments.
SBI MCLR Rates
- SBI has kept rates unchanged.
- Overnight & 1 Month: 8.20%
- 3 Months: 8.55%
- 6 Months: 8.90%
- 1 Year: 9.00% (common for auto loans)
- 2 Years: 9.05%
- 3 Years: 9.10%
HDFC Bank MCLR Rates
- Overnight MCLR increased by 5 bps to 9.20%.
- Other rates remain unchanged:
- 1 Month: 9.20%
- 3 Months: 9.30%
- 6 Months & 1 Year: 9.45%
- 2 Years: 9.45%
- 3 Years: 9.50%
Bank of Baroda MCLR Rates
- Effective from 12th December 2024.
- Overnight: 8.15%
- 1 Month: 8.35%
- 3 Months: 8.55%
- 6 Months: 8.80%
- 1 Year: 9.00%
Canara Bank MCLR Rates
- Rates increased by 5 bps across tenures.
- Effective from 12th December 2024:
- Overnight: 8.35%
- 1 Month: 8.45%
- 3 Months: 8.55%
- 6 Months: 8.90%
- 1 Year: 9.10%
- 2 Years: 9.35%
PNB MCLR Rates
- Rates increased by 5 bps, effective 1st December 2024.
- Overnight: 8.35%
- 1 Month: 8.45%
- 3 Months: 8.65%
- 6 Months: 8.85%
- 1 Year: 9.00%
- 3 Years: 9.30%
IDBI Bank MCLR Rates
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Effective from 12th December 2024:
- Overnight: 8.45%
- 1 Month: 8.60%
- 3 Months: 8.90%
- 6 Months: 9.15%
- 1 Year: 9.20%
- 2 Years: 9.75%
- 3 Years: 10.15%
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Rising credit defaults and repo rate adjustments are influencing these hikes.
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Borrowers should track MCLR changes to manage their EMIs effectively.
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If you’re planning to take a loan, compare rates and tenures across banks for the best deal.