6 big banks have revised loan interest rates in Oct

Many lenders have revised their marginal cost of lending rates (MCLRs). Some banks still need to change the rates and have just updated the date. Under the marginal cost-based lending rates ( MCLR) system, banks change their interest rates whenever the repo rate fluctuates. The implementation intends to increase transparency in the mechanism used by banks to establish interest rates on advances.

What is MCLR?

The Marginal Cost of the Fund-Based Lending Rate, or the MCLR, is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.

SBI has reduced the lending rate for one term, while HDFC Bank has increased it for two terms. Let's check the current lending rates for loans offered by big banks like SBI, HDFC Bank, Punjab National Bank, YES bank, Bank of Baroda and IDBI Bank.

Latest HDFC Bank lending rates October 2024

HDFC Bank bank has increased lending rates by 5 bps on 6 months and 3 years tenure. The bank has not revised any lending rates apart from these two tenures. For overnight the bank offers 9.10% and for one month it is 9.15%. On three-month tenure, the bank offers 9.30%. The six-month MCLR is increased from 9.40% to 9.45%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year MCLR stands at 9.45% and three years tenure is increased from 9.45 to 9.50% after the revision.

HDFC Bank hikes loan interest rates by 5 bps on these two tenures

Latest SBI MCLR loan interest rates October 2024

State Bank of India (SBI) MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR is at 8.20%, while the rate for the one-month is reduced from 8.45% to 8.20%, a dip by 25 bps. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised at 8.95%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.

SBI cuts loan interest rate by 25 bps on this short-term tenure; check latest State Bank of India lending rates

Bank of Baroda loan rates: Check latest lending rates here

The overnight rate is 8.15%. The one-month rate is 8.35%. The three-month rate is 8.50%. The six-month rate increased to 8.75%. The one-year rate is 8.95%. The rates are effective from October 12, 2024.

PNB loan rates update: Check latest lending rates here

According to the PNB website, the overnight rate is 8.30% now. The MCLR-based lending rate for one month is 8.40%. The three-month rate is 8.60%. The one-year rate is 8.95% and the three-year tenure is 9.25%. The rates are effective from October 1, 2024.

IDBI Bank loan rates update: Check latest lending rates here

According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.40%. For a 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 OCtober 12, 2024.

Canara Bank loan rates: Check latest lending rates here

The overnight rate is now 8.30%. The one-month rate is 8.40%. The three-month rate is 8.50%. The six-month rate is at 8.85%. The one-year rate is 9.05%. The two-year rate is at 9.30%. The three-year rate is 9.40%. The rates are effective from October 12, 2024.

YES Bank loan rates: Check latest lending rates here

According to the YES Bank website, the new rates are with effect from October 1, 2024. The overnight rate is 9.20%. The MCLR-based lending rate for one month is 9.55%. The three-month rate is 10.20%. The six-month rate is 10.45%. The one-year rate is 10.60%.