Comparing bank loan interest rates in April 2024: SBI, ICICI, HDFC and 5 other top banks | Business

Apr18,2024



April 2024 Bank Loan Interest Rates: As of April 2024, various banks have revised their loan interest rates, while others have kept their marginal cost based lending rates (MCLR) unchanged. Here are the latest MCLR rates of the top eight banks listed by ET.
ICICI Bank
According to the ICICI Bank website, their lending rates effective March 22, 2024 are as follows: 8.60% for overnight and one month tenure, 8.65% for three months, 9.00% for six months and one year 9.10%.

Marginal Cost of Funds Based Lending Rate (MCLR)
MCLR effective from 22 March 2024
Tenure I-MCLR
overnight 8.60%
One month 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) will be 8.95% for overnight loans, 9.00% for one month, 9.15% for three months, 9.30% for six months and Is 9.30%. year, which affects many consumer loans. MCLR for two and three years is 9.35%.

element MCLR
overnight 8.95%
1 month 9.00%
3 month 9.15%
6 months 9.30%
1 year 9.30%
2 years 9.35%
3 year 9.35%

Read this also RBI's new UPI rule changes for PPI: Soon, you can use money in PhonePe, Amazon Pay wallet to make payments through any UPI app
State Bank of India (SBI)
Effective April 15, 2024, State Bank of India (SBI) has set its Marginal Fund 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. Moreover, the MCLR for two years is 8.75% and for three years is 8.85%.

element Revised MCLR (in%)*
whole night 8
One month 8.2
3 month 8.2
six months 8.55
one year 8.65
two years 8.75
three years 8.85

IDBI Bank
According to the IDBI Bank website, effective April 12, 2024, the marginal cost of funds based lending rates (MCLR) for different tenors are as follows: 8.35% for overnight loans, 8.50% for one month tenure, three 8.80% for one month, 9.00% for six months, 9.05% for one year, 9.60% for two years and 10.00% for three years.

element 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 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, a 8.35% for one month, 8.45% for three months and 8.80% for one year.

MCLR WEF 01-04-2024
MCLR period Revised WEF 01.04.2024
overnight 8.30%
One month 8.35%
3 month 8.45%
six months 8.65%
one year 8.80%
three years 9.10%

yes bank
According to the information given on their website, Yes Bank has updated its rates effective from April 1, 2024. Marginal cost of funds based lending rates (MCLR) are 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.
Read this also What is Aadhar ATM? How to access India Post Payments Bank AEPS services from home for urgent cash needs
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.

serial number. 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 April 12, 2024. The overnight rate is 8.15%, while the one month rate is 8.25%. For a three-month loan, the rate is set at 8.35%, and for a six-month loan, it is 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.



Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *