Latest loan interest rates from top banks: SBI, HDFC Bank, Bank of Baroda, Canara Bank, PNB in May 2024 | Business

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Latest loan interest rates: Banks sometimes overview their Marginal Cost of Lending Rates (MCLR) month-to-month to regulate for modifications in their financing prices and different components. These changes take into account components just like the repo fee and different loan-related rates. According to ET, usually, banks can not lend under the MCLR, besides in particular circumstances. Below are the most recent MCLR rates from the top 7 banks in May 2024.
1.Bank of Baroda (BoB)
Bank of Baroda (BoB)’s newest MCLR rates are efficient from May 12, 2024. The in a single day fee is 8.10%, the one-month fee is 8.30%, the three-month fee is 8.45%, the six-month fee is 8.65%, and the one-year fee is 8.85%.

Sr. No. MCLR Benchmark MCLR in (%)
1 Overnight MCLR 8.1
2 1 Month MCLR 8.3
3 3 Month MCLR 8.45
4 6 Month MCLR 8.65
5 1 Year MCLR 8.85

2. HDFC Bank
HDFC Bank’s in a single day MCLR is 8.95%. The one-month MCLR is now 9%. For three months, it is 9.15%, and for six months, it is 9.30%. The one-year MCLR, generally used for shopper loans, has been elevated to 9.30%. Additionally, the 2 and three-year MCLR rates stand at 9.35%. These rates got here into impact from May 7, 2024.

Tenor MCLR
Overnight 8.95%
1 Month 9.00%
3 Month 9.15%
6 Month 9.30%
1 Year 9.30%
2 Year 9.35%
3 Year 9.35%

3. Yes Bank
As per the Yes Bank web site, the up to date rates took impact from May 1, 2024. The in a single day fee stands at 9.25%. For one month, the MCLR-based lending fee is 9.60%. Moving on, the three-month fee is 10.20%, whereas the six-month fee is 10.45%. Lastly, the one-year fee stands at 10.60%.
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4. Canara Bank
The in a single day fee is 8.15%, the one-month fee is 8.25%, the three-month fee is 8.35%, the six-month fee is 8.70%, and the one-year fee is 8.90%. Additionally, the two-year fee is 9.20%, and the three-year fee is 9.30%. These rates got here into impact from May 12, 2024.
5. PNB
As per the PNB web site, efficient from May 1, 2024, the in a single day fee is 8.25%. For one month, the MCLR-based lending fee stands at 8.30%. Similarly, for 3 months, it is 8.45%. Lastly, the one-year fee is 8.80%.

MCLR TENOR Existing W.E.F. 01.04.2024 Revised W.E.F. 01.05.2024
Overnight 8.30% 8.25%
One month 8.35% 8.30%
Three month 8.45% 8.45%
Six month 8.65% 8.65%
One yr 8.80% 8.80%
Three years 9.10% 9.10%

6. IDBI Bank
As per the IDBI Bank web site, efficient from May 12, 2024, the in a single day MCLR fee is 8.35%. For one month, it is 8.50%. For three months, it is 8.80%. The six-month MCLR stands at 9%, whereas the one-year fee is 9.05%. Furthermore, the two-year MCLR is 9.60%, and the three-year MCLR is 10%.

Tenor MCLR
Overnight MCLR 8.35%
One Month MCLR (1M) 8.50%
Three Month MCLR (Q) 8.80%
Six Month MCLR (HY) 9.00%
One yr MCLR (Y) 9.05%
Two Year MCLR (2Y) 9.60%
Three Year MCLR (3Y) 10.00%

7. SBI
SBI’s in a single day MCLR fee is 8%, and for one month, it is 8.2%. Similarly, the three-month MCLR stands at 8.2%. Moving on, the six-month MCLR is 8.55%, whereas the one-year MCLR stands at 8.65%. Most shopper loans are sometimes linked to the one-year MCLR. Furthermore, the two-year MCLR is 8.75%, and the three-year MCLR is 8.85%. These rates took impact from May 15, 2024.

Tenor Existing MCLR (In %) Revised MCLR (In %)*
Over night time 8 8
One Month 8.2 8.2
Three Month 8.2 8.2
Six Month 8.55 8.55
One Year 8.65 8.65
Two Years 8.75 8.75
Three Years 8.85 8.85


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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