Loan interest rates November 2024: Latest lending rates of HDFC Bank, SBI, PNB, YES Bank, Bank of Baroda, IDBI Bank

economictimes.indiatimes.com:

Missed the EMI of your loan by 1 day? It can cost you more than you think
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: Check latest lending rates here

SBI overnight and one-month MCLR is at 8.20%. The bank has hiked three-month MCLR from 8.50% to 8.55%. The six-month tenure is increased to 8.90% from 8.85%. The one year tenure which is linked to auto loans is raised to 9% from 8.95%. The two- and three-year tenure is 9.05% and 9.10% respectively.

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