In the first week of December, the Reserve Bank of India announced the decisions taken in the Monetary Policy Committee meeting. The Central Bank again kept the repo rate at 6.50 percent. Banks usually change their rates after the decisions of the meeting. This month, some banks like HDFC, Canara increased their marginal cost of funds based lending rates. Due to this step taken by banks, loans have become expensive. However, some major banks of the country, SBI, have not made any change in the lending rent. Banks calculate MCLR on a regular basis. Which top banks of the country increased MCLR in the last month of the year? You can check the details here. Let us know which banks have increased their MCLR rates so far.
What does MCLR mean?
MCLR stands for Marginal Cost of Funds Based Lending Rate. This is the reference rate for the loan given by the bank, due to which it is not allowed to give loan at low interest. This interest rate is determined on the basis of the bank’s cost of raising funds. That is, the interest rates on MCLR based loans increase in proportion to the increase in the cost of funds of the bank.
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Punjab National Bank (PNB)
Punjab National Bank (PNB) has increased the overnight to 3-year MCLR rate by 5 basis points. According to the official website of the bank, MCLR for overnight is now 8.35%, which was earlier 8.30%. Similarly, MCLR for one month has been increased to 8.45%. The bank has now changed the three-month lending rate to 8.65% and the one-year lending rate to 9%. Apart from this, three-year MCLR has also increased by 0.5 basis points. These new rates are applicable from December 1, 2024.
| MCLR tenure | old rates | new rates |
| overnight | 8.30% | 8.35% |
| 1 month | 8.40% | 8.45% |
| 3 months | 8.60% | 8.65% |
| 6 months | 8.80% | 8.85% |
| 1 year | 8.95% | 9.00% |
| 3 year | 9.25% | 9.30% |
HDFC Bank
HDFC Bank’s overnight and one month MCLR is now the same at 9.20%. Three month MCLR is 9.30%. The bank has increased the MCLR for six months, one year and two years to 9.45%. Apart from this, MCLR of 3 years is 9.50%. The new rates are applicable from 7 December 2024.
| Tenure | MCLR |
| overnight | 9.20% |
| 1 Month | 9.20% |
| 3 months | 9.30% |
| 6 months | 9.45% |
| 1 year | 9.45% |
| 2 years | 9.45% |
| 3 years | 9.50% |
Canara Bank
Canara Bank has increased the lending rate by 5 basis points. Now the overnight MCLR in the bank is 8.35 percent. The one month rate is 8.45 percent. The three month rate is 8.55 percent. The six month rate is 8.90 percent. The one year rate is 9.10 percent. The two-year rate is 9.35 percent. The new rates are applicable from December 12, 2024.
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Bank of Baroda
The overnight MCLR of Bank of Baroda is 8.15%. One month MCLR is 8.35%. MCLR for three months is 8.55%. Six month MCLR is 8.80%. One year MCLR is 9%. These rates are applicable from December 12, 2024.
IDBI Bank
According to IDBI Bank website, MCLR for overnight is 8.45%. One month MCLR is 8.60%. Three month MCLR for IDBI Bank customers is 8.90%. Six month MCLR is 9.15%. One year MCLR is 9.20%. Two year MCLR is 9.75% and three year MCLR is 10.15%. The new rates are applicable from December 12, 2024.
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State Bank of India
SBI has maintained all its tenure MCLR as before. SBI’s overnight and one month MCLR is 8.20%. MCLR for three months is 8.55%. MCLR for a period of six months is 8.90%. The one-year MCLR, which is usually associated with auto loans, is 9%. MCLR for two and three year tenures is 9.05% and 9.10% respectively.
