Marginal cost lending rates are the minimum interest rates below which a bank or financial institution cannot give loans to the common people. Its calculation is done by the banks after taking into account the marginal cost of funds, operational cost, tenure premium and negative carry-on cash reserve ratio.
No change was made in the interest rates in the RBI's monetary policy meeting in the first week of June. RBI believes that there is still a need to fight inflation in the country. Due to which it is very important to keep the interest rates high. After which the country's big private and government banks have increased the interest rates of loans. In fact, banks have increased the interest rates of home loans by increasing their MCLR.
Marginal cost lending rates are the minimum interest rates below which a bank or financial institution cannot give loans to the common people. Its calculation is done by the banks after taking into account the marginal cost of funds, operational cost, tenure premium and negative carry-on cash reserve ratio. Banks assess MCLR on a regular basis. Let us also tell you which banks of the country have increased the MCLR.
These banks increased interest rates
SBI loan made expensive: SBI's MCLR rates will be between 8.10% and 8.95%. SBI has increased the overnight MCLR from 8% to 8.10%, while for one month and three month period, it has been increased from 8.20% to 8.30%. Six month MCLR has increased from 8.45% to 8.55%. One year MCLR has now increased from 8.55% to 8.65%. MCLR for two year period has increased from 8.85% to 8.75%.
HDFC Bank increased rates: HDFC Bank's overnight MCLR is 8.95 percent. HDFC Bank's one-month MCLR is now 9 percent. Three-month MCLR is 9.15 percent. Six-month MCLR is 9.30 percent. One-year MCLR, which is linked to many consumer loan loans, has been increased by 9.30 percent. 2 and 3-year MCLR is 9.35 percent. Rates are effective from June 7, 2024.
Yes Bank loan rates: According to the Yes Bank website, the new rates are effective from June 1, 2024. The overnight rate is 9.25 percent. The MCLR based loan rate for one month is 9.55 percent. The three-month rate is 10.20 percent. The six-month rate is 10.45 percent. The one-year rate is 10.60 percent.
Canara Bank also increased: Overnight rate is 8.15 percent. One month rate is 8.25 percent. Three month rate is 8.35 percent. Six month rate is 8.70 percent. One year rate is 8.90 percent. Two year rate is 9.20 percent. Three year rate is 9.30 percent. Rates are effective from June 12, 2024.
PNB interest rates: According to the PNB website, the overnight rate is 8.25 per cent. The MCLR for one month is 8.30 per cent. The rate for three months is 8.50 per cent. The rate for one year tenure is 8.85 per cent and for three year tenure is 9.10 per cent. The rates are effective from June 1, 2024.
IDBI Bank has also increased
According to the IDBI Bank website, the over-all MCLR is 8.35 per cent. The MCLR for one month period is 8.50 per cent. The three-month MCLR rate for IDBI Bank customers is 8.80 per cent. The six-month MCLR is 9 per cent. The one-year MCLR is 9.05 per cent. The two-year MCLR is 9.60 per cent. The three-year MCLR is 10 per cent. These rates are effective from June 12, 2024.
No comments:
Post a Comment