After SBI, four top lenders including HDFC Bank, IDFC Bank raise MCLR; check latest rates here

A number of banks recently revised their marginal cost of funds based lending rates (MCLR) despite the Reserve Bank of India (RBI) keeping its repo rate constant since Feb 2023. This means the EMIs ( ) of loans such as personal or auto loans that are linked to MCLR are set to go up. The home loans which are linked to the repo rate will not witness a rise.

MCLR is the minimum interest rate below which the bank is not supposed to charge. Largest state lender (SBI) in December 2023 from 8.65 to 8.85 percent for borrowers with the highest credit score. The minimum lending interest rate, meanwhile, on electric cars, is 8.75 percent per annum. The lending rate hike was soon followed by some other lenders, which have raised their lending rates.

These banks include , , IDFC Bank and (PNB). Let us take a look at the interest rates charged by these banks: : The largest private lender’s six month MCLR has risen to 9.20 percent. The overnight MCLR has been raised by 10 basis points to 8.80 percent, 3 month MCLR has been raised by 5 basis points to 9 percent, one month MCLR has also been raised by 5 basis points to 8.80 percent and 1 year MCLR, too, rose by 5 basis points, to 9.25 percent.

The 3 year MCLR remains unchanged at 9.30 percent. : Bank of Baroda has raised its fixed interest rate on car loan to 8.80 from 8.7 percent earlier for borrowers with highest credit score. The interest rate can be as high as 11.25 percent per annum. The floating rate charged by Bank of Baroda ranges between 9.40 percent and 12.65 percent.

has also raised its MCLR by 5 basis points across the tenors with effect from January 1, 2024.The overnight MCLR has been raised from 8.20 percent to 8.25 percent. The one month MCLR is now 8.3 percent against 8.25 percent earlier. The 3 month MCLR is 8.40 percent, six month MCLR is 8.60 percent, one year MCLR is 8.70 percent and 3 year MCLR is 9 percent.

: IDFC Bank's new MCLR came into effect from Jan 8, 2024. The overnight and one month MCLR is now 9.5 percent, three month MCLR is 9.75 percent, 6 month MCLR is 10.10 percent and 1 year MCLR is 10.25 percent. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.