Latest loan interest rates in January 2025: HDFC Bank, Bank of Baroda, PNB, Canara Bank, IDBI Bank
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Banks such as Bank of Baroda, Canara Bank, PNB and IDBI Bank have kept the rates unchanged in January from the previous month. However, HDFC Bank has cut its lending rate (MCLR) by 5 basis points (bps) on select tenures.
What is MCLR?
According to the HDFC Bank website, “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.”
HDFC Bank: Check latest lending rates
The overnight MCLR has been cut by 5 bps, from 9.20% to 9.15%. The one-month MCLR has been kept unchanged at 9.20% and the three-month MCLR is also unchanged at 9.30%. The six-month and one-year MCLRs have been cut by 5 bps from to 9.40%, and the two-year MCLR is kept unchanged at 9.45%. The three-year MCLR is cut by 5 bps from 9.50% to 9.45%. The revised rates shown in the table below are applicable from January 7, 2025.
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