Loan Rate Hike MCLR has been increased by HDFC Bank, ICICI Bank, Bank of Baroda in August. Bank of Baroda ICICI Bank has increased MCLR for all and Bank of India HDFC Bank for select tenors. This will increase the EMI burden on the customers.
Loan Rate Hike MCLR has been increased by HDFC Bank, ICICI Bank, Bank of Baroda in August. Bank of Baroda ICICI Bank has increased MCLR for all and Bank of India HDFC Bank for select tenors. This will increase the EMI burden on the customers.
MCLR is the rate based on which banks decide the interest rate for car loans, home loans and personal loans.
Bank of Baroda
Bank of Baroda has increased the MCLR by 5 basis points (0.05 per cent) for all tenors. These new rates have come into effect from August 12, 2023. After this increase, the one year MCLR has become 8.00 percent.
HDFC Bank
HDFC Bank has increased the MCLR for select tenors by up to 15 basis points. These new rates have come into effect from 7 August.
Overnight MCLR was increased by 10 basis points to 8.35 per cent by the bank. It was earlier 8.25 percent. The one month MCLR has been increased to 8.45 per cent from 8.30 per cent earlier.
At the same time, the three-month MCLR has been increased by 10 basis points. Due to this it has increased from 8.60 percent to 8.70 percent. The six-month MCLR has been increased by 5 basis points from 8.90 per cent to 8.95 per cent.
The one-year MCLR has been increased by 5 basis points to 9.10 per cent from 9.05 per cent earlier. There is no change in MCLR for more than one year.
ICICI Bank
All tenor MCLR has been increased by 5 basis points from ICICI Bank. After this increase, one year MCLR has become 8.40 percent, three and six months MCLR 8.45 percent and 8.80 percent.
Bank Of India
Bank of India has increased the MCLR for select tenors. After this increase, overnight MCLR is 7.95 percent, three and six month MCLR is 8.30 percent and 8.50 percent. One year MCLR is 8.70 percent.
