From SBI, HDFC To PNB And More, Check Loan Lending Rates Offered By 10 Big Banks October 2024

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. Under the MCLR system, banks change their interest rates whenever the repo rate fluctuates. When MCLR rates are raised, the loan EMIs also go up. Let's check the current lending rates for loans offered by different banks in India.

The SBI overnight MCLR is at 8.20%. The rate for one month is 8.20%. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised at 8.95%. The two-year MCLR is at 9.05%. The three-year MCLR is at 9.1%

For overnight, the HDFC Bank offers 9.10% and for one month it is 9.15%. On three month tenure, the bank offers 9.30%. The six-month MCLR is 9.45%. The one-year MCLR is 9.45%. The two-year MCLR stands at 9.45% and three years tenure is 9.50%.

The PNB  rates are effective from October 1, 2024. The overnight rate is 8.30%. The MCLR-based lending rate for one month is 8.40%. The three-month rate is 8.60%. The one-year rate is 8.95% and the three-year tenure is 9.25%.

The IDBI Bank rates are effective from October 12, 2024. The latest MCLR for overnight tenor is 8.40%. For a one-month tenure, the MCLR is 8.55%. The three-month MCLR rate is 8.85%. The six-month MCLR is 9.10%. The one-year MCLR is 9.15%. The two-year MCLR is 9.70%. The three-year MCLR is 10.10%.

The Canara Bank rates are effective from October 12, 2024. The overnight rate is 8.30%. The one-month rate is 8.40%. The three-month rate is 8.50%. The six-month rate is at 8.85%. The one-year rate is 9.05%. The two-year rate is at 9.30%. The three-year rate is 9.40%.

The Bank of Baroda rates are effective from October 12, 2024. The overnight rate is 8.15%. The one-month rate is 8.35%. The three-month rate is 8.50%. The six-month rate is 8.75%. The one-year rate is 8.95%.

According to the website of the Central Bank of India, the overnight rate is 8.20% now. The MCLR-based lending rate for one month is 8.25%. The three-month rate is 8.60%. The one-year rate is 8.95%. The MCLR revised rates are with effect from October 10, 2024.

The interest rate of Union Bank of India lending based on MCLR is applicable from October 11, 2024. The overnight rate is 8.20%. The one-month rate is 8.20%. The three-month rate is 8.55%. The six-month rate is 8.85%. The one-year rate is 8.95% and the three-year rate is 9.10%.

Indian Overseas Bank's revised MCLR is with effect from October 15, 2024. The overnight rate is 8.25%. The one-month rate is 8.50%. The three-month rate is 8.60%. The six-month rate is 8.85%. The one-year rate is 9% and the three-year rate is 9.15%.

The new rates of YES Bank are with effect from October 1, 2024. The overnight rate is 9.20%. The MCLR-based lending rate for one month is 9.55%. The three-month rate is 10.20%. The six-month rate is 10.45%. The one-year rate is 10.60%.