Loans of these 6 banks including PNB, HDFC Bank, SBI became expensive in June, full list

In the first week of June, the monetary policy committee of the Reserve Bank of India (RBI) met and the central bank did not change the interest rate. RBI believes that there is still a need to fight inflation in the country. Due to which it is very important to keep interest rates high. After the recent RBI meeting, some banks have increased the interest rates of loans. This step taken in June has made the loans of these banks expensive. Banks assess MCLR on a regular basis. You can check the details here which top banks of the country increased MCLR this month.

These banks increased interest rates

yes bank loan rates

According to Yes Bank’s website, the new rates are effective from June 1, 2024. Yes Bank’s overnight MCLR is 9.25%. The MCLR based loan rate for one month is 9.55%.

The MCLR for three months is 10.20 per cent. The MCLR for six months is 10.45 per cent and for loans with one year tenure, the MCLR is 10.60 per cent.

PNB Interest Rates

According to PNB’s website, the overnight MCLR is 8.25 percent. The MCLR for one month is 8.30 percent. The rate for three months is 8.50 percent.

The MCLR for a loan with a tenure of one year is 8.85 per cent and for a loan with a tenure of three years is 9.10 per cent. The new rates are applicable from June 1, 2024.

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HDFC Bank increased rates

HDFC Bank’s overnight MCLR is now 8.95%. One month MCLR is now 9%.

The MCLR for three months is 9.15% and for six months is 9.30%. The bank has made the MCLR for one and two years 9.30%. Apart from this, the MCLR for 3 years is 9.35%. The new rates are applicable from 7 June 2024.

Canara Bank also increased

Canara Bank’s overnight lending rate is 8.15 percent. One month rate is 8.25 percent. Three month rate is 8.35 percent. Six month rate is 8.70 percent. One year rate is 8.90 percent. Two year rate is 9.20 percent. Three year rate is 9.30 percent. The new rates are applicable from June 12, 2024.

IDBI Bank has also increased

According to the IDBI Bank website, the overnight MCLR is 8.35 per cent. For loans with a tenure of one month, the MCLR is 8.50 per cent.

For IDBI Bank customers, the three-month MCLR rate is 8.80 percent. The six-month MCLR is 9 percent. The one-year MCLR is 9.05 percent. The two-year MCLR is 9.60 percent. The three-year MCLR rate is 10 percent. The new rates are applicable from June 12, 2024.

Also read : SBI Hikes MCLR: SBI loan became expensive from today, the bank increased the interest rate by 0.1%

SBI loan also became expensive

SBI’s MCLR rates will be between 8.10% and 8.95%. The bank has increased the lending rate (MCLR) by 10 basis points i.e. 0.1% for all tenure loans from June 15. SBI has also increased the MCLR of one month and three months by 0.1%. With this increase, the MCLR of both the periods has become 8.30%.

The bank has increased the MCLR of six months and one year by 0.1 percent. Due to which the MCLR of the same period has become 8.65 and 8.75 respectively. The country’s largest government bank has also changed the overnight MCLR i.e. one day MCLR at the same rate. SBI has increased the overnight MCLR from 8 percent to 8.10 percent. According to the official website of SBI, the lending rate for a loan with a tenure of 2 years has been made 8.85 and for a loan with a tenure of 3 years, the lending rate has been made 8.95.

Let us tell you that Marginal Cost of Fund Based Lending Rates i.e. MCLR is the minimum interest rate below which no bank or financial institution can give loans to common people. Its calculation is done by banks after taking into account the marginal cost of funds, operational cost, tenure premium and negative carry-on cash reserve ratio.