ICICI Bank, PNB, Bank of India revise home loan, other loan interest rates
The Marginal Cost of Funds Based Lending Rate (MCLR) is the minimum lending rate below which a bank may not lend.Here is a look at the latest MCLRs of ICICI Bank, PNB and Bank of India.ICICI Bank ICICI Bank has hiked MCLR by 5 basis points (bps) across all tenures. According to the ICICI Bank website, the overnight, one-month MCLR rate hiked to 8.40 percent from 8.35 percent. The three-months, six months MCLRs at ICICI Bank hiked to 8.45 percent, and 8.80 percent, respectively. The one-year MCLR is revised to 8.90 percent from 8.85 percent.
MCLR effective August 1, 2023TenuresI-MCLROvernight8.40%One Months8.40%Three Months8.45%Six Months8.80%One Year8.90%Punjab National Bank Punjab National Bank has kept the MCLR rates unchanged for August month. According to the PNB Bank website, the overnight rate is at 8.10 percent, and the one-month MCLR rate is 8.20 percent. The three-month, six months MCLRs at PNB stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now at 8.60 percent and 8.90 percent for three years.
MCLR W.E.F. 01-08-2023MCLR TENORExisting W.E.F. 01.07.2023Revised W.E.F. 01.08.2023Overnight8.10%8.10%One month8.20%8.20%Three month8.30%8.30%Six month8.50%8.50%One year8.60%8.60%Three years8.90%8.90%Bank of India Bank of India has revised MCLR and has hiked rates on select tenor. According to the Bank of India website, the overnight is at 7.95 percent, one-month MCLR rate is 8.15 percent. The three-month, six months MCLRs at Bank of India stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now at 8.70 percent and 8.90 percent for three years.
Tenor wise MCLRRate effective from 01.08.2023Overnight MCLR7.95%1 Month MCLR8.15%3 Month MCLR8.30%6 Month MCLR8.50%1 Year Read more on economictimes.indiatimes.com
