ICICI Bank, PNB, Bank of India revise home loan, other loan interest rates
ICICI Bank, Punjab National Bank, and Bank of India have revised their marginal cost-based lending rate (MCLR) on loans across tenures. The revised interest rates are effective from August 1, 2023, as per the bank websites.
By Sneha Kulkarni, ET Online |
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ICICI Bank, Punjab National Bank, and Bank of India have revised their marginal cost-based lending rate (MCLR) on loans across tenures. The revised interest rates are effective from August 1, 2023, as per the bank websites.
The Marginal Cost of Funds Based Lending Rate (MCLR) is the minimum lending rate below which a bank may not lend.
Here is a look at the latest MCLRs of ICICI Bank, PNB and Bank of India.
ICICI Bank
ICICI Bank has hiked MCLR by 5 basis points (bps) across all tenures. According to the ICICI Bank website, the overnight, one-month MCLR rate hiked to 8.40 percent from 8.35 percent. The three-months, six months MCLRs at ICICI Bank hiked to 8.45 percent, and 8.80 percent, respectively. The one-year MCLR is revised to 8.90 percent from 8.85 percent.
Punjab National Bank
Punjab National Bank has kept the MCLR rates unchanged for August month.
According to the PNB Bank website, the overnight rate is at 8.10 percent, and the one-month MCLR rate is 8.20 percent. The three-month, six months MCLRs at PNB stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now at 8.60 percent and 8.90 percent for three years.
Bank of India
Bank of India has revised MCLR and has hiked rates on select tenor. According to the Bank of India website, the overnight is at 7.95 percent, one-month MCLR rate is 8.15 percent. The three-month, six months MCLRs at Bank of India stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now at 8.70 percent and 8.90 percent for three years.
Source: Bank website
The Marginal Cost of Funds Based Lending Rate (MCLR) is the minimum lending rate below which a bank may not lend.
Here is a look at the latest MCLRs of ICICI Bank, PNB and Bank of India.
ICICI Bank
ICICI Bank has hiked MCLR by 5 basis points (bps) across all tenures. According to the ICICI Bank website, the overnight, one-month MCLR rate hiked to 8.40 percent from 8.35 percent. The three-months, six months MCLRs at ICICI Bank hiked to 8.45 percent, and 8.80 percent, respectively. The one-year MCLR is revised to 8.90 percent from 8.85 percent.
| MCLR effective August 1, 2023 | |
| Tenures | I-MCLR |
| Overnight | 8.40% |
| One Months | 8.40% |
| Three Months | 8.45% |
| Six Months | 8.80% |
| One Year | 8.90% |
Punjab National Bank
Punjab National Bank has kept the MCLR rates unchanged for August month.
According to the PNB Bank website, the overnight rate is at 8.10 percent, and the one-month MCLR rate is 8.20 percent. The three-month, six months MCLRs at PNB stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now at 8.60 percent and 8.90 percent for three years.
| MCLR W.E.F. 01-08-2023 | ||
| MCLR TENOR | Existing W.E.F. 01.07.2023 | Revised W.E.F. 01.08.2023 |
| Overnight | 8.10% | 8.10% |
| One month | 8.20% | 8.20% |
| Three month | 8.30% | 8.30% |
| Six month | 8.50% | 8.50% |
| One year | 8.60% | 8.60% |
| Three years | 8.90% | 8.90% |
Bank of India
Bank of India has revised MCLR and has hiked rates on select tenor. According to the Bank of India website, the overnight is at 7.95 percent, one-month MCLR rate is 8.15 percent. The three-month, six months MCLRs at Bank of India stands at 8.30 percent and 8.50 percent, respectively. The one-year MCLR is now at 8.70 percent and 8.90 percent for three years.
| Tenor wise MCLR | Rate effective from 01.08.2023 |
| Overnight MCLR | 7.95% |
| 1 Month MCLR | 8.15% |
| 3 Month MCLR | 8.30% |
| 6 Month MCLR | 8.50% |
| 1 Year MCLR | 8.70% |
| 3 Year MCLR | 8.90% |
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