ICICI Bank, HDFC Bank, Bank of Baroda, Union Bank of India: Check latest MCLR

The Reserve bank of India (RBI) hiked repo rate by 50 basis points in its latest monetary policy meeting held on June 8, 2022. Many banks have revised the marginal cost of fund based lending rates (MCLR) this month. Banks provide you with a range of floating-rate loans, which have a direct impact on the MCLR, or Marginal Cost of Funds-based Lending Rate.

Bank customers would see a rise in equated monthly payments (EMI) for numerous types of loans. Other banks have begun to raise repo rate-linked home loan rates as well. It's vital to remember that every change in the repo rate influences the MCLR, which leads to an increase in loan interest rates.

ICICI Bank MCLR

According to ICICI Bank's official website, the marginal cost of the funds-based lending rate revised with effect from June 1, 2022.The overnight, one-month, and three-month MCLRs at ICICI Bank are currently 7.30 percent, 7.30 percent, and 7.35 percent, respectively. The six-month MCLR is currently 7.50 percent, the one-year MCLR is 7.55 percent.

HDFC Bank MCLR
With effect from June 7, 2022, HDFC Bank increased its marginal cost of funds-based lending rate (MCLR) on loans of all tenures by 35 basis points (100 basis points = 1%).
HDFC Bank had already raised the MCLR by 25 basis points on May 7, 2022.
According to the website of the private lender, the overnight MCLR is now 7.50 percent, up from 7.15 percent previously. The MCLR for one month is 7.55 percent. The three-month and six-month MCLRs are both 7.60 percent and 7.70 percent. The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

Bank of Baroda MCLR
Bank of Baroda has increased its marginal cost of funds-based lending rates (MCLR) across all tenures by 10 to 20 basis points. The bank's one-year MCLR is now 7.50 percent, according to information on the bank's website. The revised prices will go into effect on June 12, 2022.

Union Bank of India MCLR
The Union Bank of India's marginal cost of funds-based lending rates have been changed (MCLR). The one-year MCLR of the bank is at 7.45 percent. The revised prices will go into effect on June 11, 2022.

Bank of Maharashtra MCLR
The Bank of Maharashtra announced a 30 basis point increase in the marginal cost of funds based lending rate (MCLR). The overnight MCLR was raised from 6.85 percent to 7.15 percent, the one-month MCLR is now at 7.25 percent, the three-month MCLR was raised to 7.55 percent, the six-month MCLR was raised to 7.60 percent, and the one-year MCLR was raised from 7.40 percent to 7.70 percent by the public sector bank. The new prices are effective from June 10, 2022.

Canara Bank MCLR
Canara Bank has increased lending interest rates across tenors. For the six-month and one-year tenures, the marginal cost-based lending rates (MCLR) were changed. The MCLR was raised to 7.35 percent from 7.30 percent and 7.40 percent from 7.35 percent for these tenures, respectively. Other tenures' MCLR rates are unaffected.