The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.50 percent at the latest monetary policy meeting. Many lenders have revised their marginal cost of lending rates (MCLR). Under the marginal cost-based lending rates (MCLR) regime, banks modify their interest rates as soon as they notice changes in the repo rate. The goal of the implementation is to make the mechanism banks use to determine the interest rate on advances more transparent.
Here is a look at the list of banks that have revised their MCLR in August 2024.
SBI lending rates
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR has been increased to 8.20%, while the rates for the one-month and three-month tenures are now at 8.45% and 8.5%, respectively. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised to 8.95% from 8.55%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.SBI hikes interest rates on these loans by 10 bps; check latest State Bank of India lending rates, FD interest rates
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8.1 | 8.2 |
| One Month | 8.35 | 8.45 |
| Three Month | 8.4 | 8.5 |
| Six Month | 8.75 | 8.85 |
| One Year | 8.85 | 8.95 |
| Two Years | 8.95 | 9.05 |
| Three Years | 9 | 9.1 |
Bank of Baroda lending rates
The bank has hiked lending rates by up to 5 basis points (bps) on certain tenures. The overnight rate is 8.15%. The one-month rate is 8.35%. The three-month rate is hiked to 8.50%. The six-month rate is increased to 8.75%. The one-year rate is 8.95% from 8.90%. The rates are effective from August 12, 2024.
| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 8.15 |
| 2 | 1 Month MCLR | 8.35 |
| 3 | 3 Month MCLR | 8.5 |
| 4 | 6 Month MCLR | 8.75 |
| 5 | 1 Year MCLR | 8.95 |
HDFC Bank lending rates
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on August 8, 2024. The bank has increased the lending rate by 5 bps on overnight tenure from 9.05% to 9.10% and for one month it has increased from 9.10% to 9.15%, an increase of 5 bps. On three month tenure, the bank has increased by 5 bps from 9.20% to 9.25%. The six-month MCLR is increased from 9.35% to 9.40%. The one-year MCLR, which is linked to many consumer loans, has increased to 9.45% from 9.40%. The two-year and three-year MCLR is increased to 9.45% after the revision.
| Tenor | MCLR |
| Overnight | 9.10% |
| 1 Month | 9.15% |
| 3 Month | 9.25% |
| 6 Month | 9.40% |
| 1 Year | 9.45% |
| 2 Year | 9.45% |
| 3 Year | 9.45% |
According to the Yes bank website, the new rates are with effect from August 1, 2024. The overnight rate is 9.10%. The MCLR based lending rate for one-month is 9.45%. The three month rate is 10.10%. The six-month rate is 10.35%. The one-year rate is 10.50%.
Canara Bank lending rates
The bank has hiked by 5 bps on all tenures. The overnight rate is now 8.25%. The one-month rate is 8.35%. The three-month rate is 8.45%. The six-month rate is at 8.80%. The one-year rate is 9%. The two-year rate is at 9.30%. The three-year rate is 9.40%. The rates are effective from August 12, 2024.
PNB lending rates
The bank has hiked the lending rates by 5 bps on all tenures. According to the PNB website, the overnight rate is 8.30% now. The MCLR based lending rate for one-month is 8.35%. The three-month rate is 8.55%. The one year rate is 8.90% and three year tenure is 9.20%. The rates are effective from August 1, 2024.
| MCLR W.E.F. 01-08-2024 | ||
| MCLR TENOR | Existing w.e.f. 01.07.2024 | Revised w.e.f. 01.08.2024 |
| Overnight | 8.25% | 8.30% |
| One month | 8.30% | 8.35% |
| Three month | 8.50% | 8.55% |
| Six month | 8.70% | 8.75% |
| One year | 8.85% | 8.90% |
| Three years | 9.15% | 9.20% |
UCO Bank lending rates
UCO Bank also hiked its MCLR on certain tenors by 5 basis points. The revised six-month and one-year MCLR will be 8.80% now and 8.95%.
IDBI Bank lending rates
According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.40%. For one-month tenure the MCLR is 8.55%. The three-month MCLR rate for IDBI Bank customers 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%. These rates are effective from August 12, 2024.
| Tenor | MCLR |
| Overnight MCLR | 8.40% |
| One Month MCLR (1M) | 8.55% |
| Three Month MCLR (Q) | 8.85% |
| Six Month MCLR (HY) | 9.10% |
| One year MCLR (Y) | 9.15% |
| Two Year MCLR (2Y) | 9.70% |
| Three Year MCLR (3Y) | 10.10% |
