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 and PNB
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 8.45 percent from 8.40 percent. The three-months, six months MCLRs at ICICI Bank hiked to 8.50 percent, and 8.85 percent, respectively. The one-year MCLR is revised to 8.95 percent from 8.90 percent
Punjab National Bank
Punjab National Bank has hiked the MCLR rates by 5 basis points in September month
According to the PNB Bank website, the overnight rate is at 8.15 percent from 8.10 percent, and the one-month MCLR rate is 8.25 percent from 8.20 percent. The three-month, six months MCLRs at PNB stands at 8.35 percent and 8.55 percent, respectively. The one-year MCLR is now at 8.65 percent from 8.60 percent and 8.95 percent for three years after 5 bps hike.
Here is a look at the loan rates of Bank of India.
Bank of India
Bank of India has revised MCLR and has kept the rates unchanged. 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.