HDFC Bank, PNB, ICICI Bank: These 7 banks have made loans expensive so far this month, revised MCLR rates

In January 2024, many banks have changed their Marginal Cost Best Lending Rate i.e. MCLR. Due to changes in this, the interest rates on home loan and personal loan also change.

HDFC Bank has increased the overnight MCLR by 10 basis points from 8.70 per cent to 8.80 per cent. Photo: File/Representational

In January 2024, many banks have changed their Marginal Cost Best Lending Rate (MCLR). Due to changes in this, the interest rates on home loan and personal loan also change.

Banks that have changed their MCLR rates include banks like HDFC Bank, ICICI Bank, PNB, Bank of Baroda, etc.

In this write-up, know which banks have made how much change.

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1- ICICI Bank

According to the website of ICICI Bank, the bank has increased MCLR by 10 basis points.

Overnight rates have been reduced to 8.6 per cent, which were earlier 8.5 per cent.

Whereas the 3-month rate has been increased from 8.55 per cent to 8.65 per cent.

The 6-month rate has been increased from 8.9 per cent to 9 per cent.

At the same time, the 1-year rate has been increased from 9 per cent to 9.1 per cent.

2- Punjab National Bank

According to the website of PNB, the bank has increased the MCLR rates by 5 basis points.

Overnight rates have been increased from 8.2 to 8.25 per cent.

The 3-month rate has been increased from 8.35 per cent to 8.40 per cent.

The 6-month rates have been increased from 8.55 per cent to 8.60 per cent.

If we talk about 1-year rates, it has been increased from 8.65 per cent to 8.70 per cent.

3- Bank of India

Bank of India has also increased MCLR rates by 5 basis points.

The overnight rate has been increased to 8 per cent, which was earlier 7.95 per cent.

MCLR-based rates have become 8.25 per cent for 1 month.

Whereas the rate for 3 months is 8.40 per cent.

The rates for 6 months are 8.60 per cent and the rates for 1 year are 8.8 per cent.

4- Bank of Baroda

Bank of Baroda has also increased its MCLR rates.

The overnight MCLR rate has been increased from 8 per cent to 8.5 per cent.

There has been no change in the one month MCLR rate and it has been kept constant at 8.30 per cent.

The 3-month MCLR rate has also been kept unchanged at 8.4 per cent.

Whereas for a period of 6 months, the MCLR rate has been increased by 5 basis points and it has been increased from 8.55 per cent to 8.60 per cent.

MCLR rates have been increased from 8.75 per cent to 8.80 per cent for a period of 1 year.

5- Canara Bank

Canara Bank has also increased MCLR rates by 5 basis points.

Now the overnight rate has been increased from 8 per cent to 8.05 per cent.

The MCLR rate has been increased from 8.10 per cent to 8.15 per cent for a period of one month.

At the same time, the rate has been increased to 8.25 per cent for a period of 3 months, which was earlier 8.20 per cent.

This rate has been increased from 8.55 per cent to 8.60 per cent for a period of 6 months.

At the same time, the rate for one year has been increased from 8.75 per cent to 8.80 per cent.

Canara Bank has increased MCLR to 9.10 per cent for two years and 9.20 per cent for three years.

6- HDFC Bank

HDFC Bank has increased the overnight MCLR by 10 basis points from 8.70 per cent to 8.80 per cent.

MCLR rates have been increased by 5 basis points to 8.80 per cent for one month.

The rate has become 9 per cent for 3 months. MCLR rate has been increased to 9.20 per cent for 6 months.

MCLR has been reduced to 9.25 per cent for one year.

This rate has become 9.30 per cent for 3 years.

7- IDBI Bank

According to the website of IDBI Bank, the bank has reduced the overnight MCLR to 8.30 per cent.

MCLR for the period of one month has become 8.45 per cent.

This rate is 8.75 per cent for 3 months.

MCLR for 6 months is 8.95 per cent.

MCLR has been reduced to 9 per cent for 1 year.

MCLR rate for 2 years has become 9.55 per cent.

Not only this, MCLR has been reduced to 9.95 per cent for 3 years.

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