Banks New Loan Rates: Banks have increased their Marginal Cost Lending Rates (MCLR). MCLR is the minimum lending rate below which banks cannot provide loans. According to Yes Bank’s website, the new rates are applicable from July 1, 2024. Know at what rate big banks are providing loans.
Banks New Loan Rates: In recent times, many private and public sector banks of the country have made their loans expensive. Banks have increased their Marginal Cost Lending Rates (MCLR). MCLR is the minimum lending rate below which banks cannot provide loans. With the increase in MCLR, almost all types of loans become expensive. This also increases the EMI of the loan. Let us know the rates at which the big banks of the country are providing loans at this time.
HDFC Bank
The country’s largest private bank HDFC Bank has cut the loan rate by 10 bps for the overnight period, coming down from 8.95% to 9.05%. However, for one month it has increased from 9 percent to 9.10 percent, i.e. an increase of 10 bps. For the three-month period, the bank has increased by 5 bps, taking the rate from 9.15 percent to 9.20 percent. The six-month MCLR has been increased from 9.30 percent to 9.35 percent. The MCLR for one year has increased from 9.30 percent to 9.40 percent. After the change, the two-year and three-year MCLR has been increased to 9.40 percent. These rates are effective from July 8, 2024.
Yes Bank
According to the Yes Bank website, the new rates are applicable from July 1, 2024. The overnight rate is 9.10 percent. The MCLR based lending rate for one month is 9.45 percent. The three month rate is 10.10 percent. The six month rate is 10.35 percent. The one year rate is 10.50 percent.
Canara Bank
The overnight rate of Canara Bank is 8.20%. The one month rate is 8.30%. The three month rate is 8.40%. The six month rate is 8.75%. The one year rate is 8.95%. The two year rate is 9.25%. The three year rate is 9.35%. These rates are effective from July 12, 2024.
Bank of Baroda
The overnight rate of Bank of Baroda is 8.15 per cent. The one month rate is 8.35 per cent. The three month rate is 8.45 per cent. The six month rate is 8.70 per cent. The one year rate is 8.90 per cent. These rates are effective from July 12, 2024.
Punjab National Bank
According to the website of Punjab National Bank, the overnight rate is 8.25 per cent. The MCLR based loan rate for one month is 8.30 per cent. The rate for three months is 8.50 percent. The rate for one year is 8.85 percent and for a period of three years the rate is 9.15 percent. These rates are effective from July 1, 2024.
