April 2024 bank loan interest rates: As of April 2024, various banks have revised their loan interest rates, while others have maintained their Marginal Cost of Funds Based Lending Rate (MCLR) unchanged. Here are the latest MCLR rates from the top eight banks, as listed by ET.
ICICI Bank
According to ICICI Bank’s website, their lending rates, effective from March 22, 2024, are as follows: 8.60% for both overnight and one-month periods, 8.65% for three months, 9.00% for six months, and 9.10% for one year.
| Marginal Cost of funds based Lending Rate (MCLR) | |
| MCLR effective March 22, 2024 | |
| Tenures | I-MCLR |
| Overnight | 8.60% |
| One Months | 8.60% |
| Three Months | 8.65% |
| Six Months | 9.00% |
| One Year | 9.10% |
HDFC Bank
As of April 8, 2024, HDFC Bank’s Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.95% for overnight loans, 9.00% for one month, 9.15% for three months, 9.30% for six months, and 9.30% for one year, which affects many consumer loans. The MCLR for two and three years is 9.35%.
| 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% |
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State Bank of India (SBI)
Effective from April 15, 2024, State Bank of India (SBI) has set its Marginal Cost of Funds Based Lending Rate (MCLR) at the following rates: 8.00% for overnight loans, 8.20% for one month, 8.20% for three months, 8.55% for six months, and 8.65% for one year, which typically affects most consumer loans. Additionally, the MCLR for two years is 8.75%, and for three years, it is 8.85%.
| Tenor | Revised MCLR (In %)* |
| Over night | 8 |
| One Month | 8.2 |
| Three Month | 8.2 |
| Six Month | 8.55 |
| One Year | 8.65 |
| Two Years | 8.75 |
| Three Years | 8.85 |
IDBI Bank
As per the IDBI Bank website, effective from April 12, 2024, the Marginal Cost of Funds Based Lending Rate (MCLR) for different tenors are as follows: 8.35% for overnight loans, 8.50% for one-month tenure, 8.80% for three months, 9.00% for six months, 9.05% for one year, 9.60% for two years, and 10.00% for three years.
| 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 year MCLR (Y) | 9.05% |
| Two Year MCLR (2Y) | 9.60% |
| Three Year MCLR (3Y) | 10.00% |
Punjab National Bank (PNB)
As stated on the PNB website, effective from April 1, 2024, Punjab National Bank (PNB) has set its Marginal Cost of Funds Based Lending Rate (MCLR) as follows: 8.30% for overnight loans, 8.35% for one month, 8.45% for three months, and 8.80% for one year.
| MCLR W.E.F. 01-04-2024 | |
| MCLR TENOR | Revised W.E.F. 01.04.2024 |
| Overnight | 8.30% |
| One month | 8.35% |
| Three month | 8.45% |
| Six month | 8.65% |
| One year | 8.80% |
| Three years | 9.10% |
Yes Bank
Yes Bank has updated its rates effective from April 1, 2024, as per information on their website. The Marginal Cost of Funds Based Lending Rate (MCLR) stands at 9.30% for overnight loans, 9.65% for one month, 10.20% for three months, 10.45% for six months, and 10.60% for one year.
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Bank of Baroda (BoB)
Bank of Baroda (BoB) has adjusted its Marginal Cost of Funds Based Lending Rate (MCLR) with effect from April 12, 2023. The MCLR rates are as follows: 8.10% for overnight loans, 8.30% for one month, 8.45% for three months, 8.65% for six months, and 8.85% for one year.
| 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 |
Canara Bank
Canara Bank has updated its lending rates effective from April 12, 2024. The overnight rate stands at 8.15%, while the one-month rate is 8.25%. For three-month loans, the rate is set at 8.35%, and for six-month loans, it stands at 8.70%. The one-year rate is 8.90%. Additionally, the two-year rate is 9.20%, and the three-year rate is 9.30%. These adjustments provide clarity for customers seeking loans from Canara Bank.
