Mumbai: IDBI Bank has hiked the marginal cost of funds-based lending rates (MCLR). The lender under the ownership of Life Insurance Corporation of India and Government of India has increased the lending rates by 20 basis points (bps) across loan tenures.
After this rate hike, the equated monthly instalments (EMIs) of all retail loans including car, personal and home will go up. MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan.
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The lender has hiked the one Year MCLR rate to 8.40%. The one-year rate is used to fix most consumer loans, such as auto, personal and home loans. The overnight MCLR rate has been revised to 7.65%, while that of one month to six months tenure hiked by 20 basis points to 7.8% and 8.3% respectively.
IDBI Bank’s Marginal Cost of Fund based Lending Rate ( MCLR ) w.e.f. 12-01-2023:
Overnight MCLR 7.65%
One Month MCLR (1M) 7.80%
Three Month MCLR (Q) 8.10%
Six Month MCLR (HY) 8.30%
One Year MCLR (Y) 8.40%
Two Year MCLR (2Y) 9.00%
Three Year MCLR (3Y) 9.40%
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