Loan interest rates for October 2023: ICICI Bank, PNB, Yes Bank revise these loan interest rates

ICICI Bank, Yes Bank, and Punjab National Bank (PNB) have revised their marginal cost-based lending rates (MCLR) on loans of various maturities. According to the bank websites, the revised MCLRs came into effect from October 1, 2023.

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The loan interest rates for the majority of consumer loans are linked to the one-year tenure.

Here is a look at the latest MCLRs of ICICI Bank, Yes Bank and PNB

ICICI Bank
According to the ICICI Bank website, the overnight, one-month MCLR rate is 8.45 percent. The three-months, six months MCLRs at ICICI Bank is 8.50 percent, and 8.85 percent, respectively. The one-year MCLR is at 8.95 percent.

MCLR effective October 1, 2023
Tenures	I-MCLR
Overnight	8.45%
One Months	8.45%
Three Months	8.50%
Six Months	8.85%
One Year	8.95%

Punjab National Bank
According to the PNB Bank website, the overnight rate is at 8.15 percent, and the one-month MCLR rate is 8.25 percent. The three-month, six months MCLRs at PNB stands at 8.35 percent and 8.55 percent, respectively. The one-year MCLR is now at 8.65 percent.

MCLR W.E.F. 01-10-2023
MCLR TENOR	Revised W.E.F. 01.10.2023
Overnight	8.15%
One month	8.25%
Three month	8.35%
Six month	8.55%
One year	8.65%
Three years	8.95%

Yes Bank
According to the Yes Bank website, the overnight rate is at 8.80percent, and the one-month MCLR rate is 9.05 percent. The three-month, six months MCLRs at Yes Bank stands at 9.70 percent and 9.95 percent, respectively. The one-year MCLR is now at 10.25 percent.

Bank of India
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 8.70%and 8.90 percent for three years.

Sl.No	Tenor wise MCLR	Rate effective from 01.10.2023
1	Overnight MCLR	7.95%
2	1 Month MCLR	8.15%
3	3 Month MCLR	8.30%
4	6 Month MCLR	8.50%
5	1 Year MCLR	8.70%
6	3 Year MCLR	8.90%

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Latest consumer loan rates of PNB, ICICI Bank, Yes Bank, Bank of India

Bank name	Tenure	MCLR
ICICI Bank	1-year	8.95%
Punjab National Bank	1-year	8.65%
Yes Bank	1-year	10.25%
Bank of India	1-year	8.70%

What is the Marginal Cost of a Fund-Based Lending Rate (MCLR)?
According to the Kotak Mahindra Bank, “MCLR means the rate below which a bank cannot charge its customers. It is set by the bank adhering to the guidelines set by the RBI for it.
The MCLR full form- MCLR full form in banking is suggestive of its function. It is the lowest rate at which Banks can lend funds. MCLR rate means a reference rate for banks to decide the interest rate they can charge on loans.”