Bank loan rates in October 2023: ICICI Bank, HDFC Bank, BoB, PNB, Canara Bank, Yes Bank

The marginal cost of lending rate (MCLR) is the lowest lending rate. No bank is allowed to make a loan interest rate offer below this. Depending on how long it will take to repay the loan, banks internally decide interest rates. The tenure offered is usually overnight, one month, three month, six months, 1 year and 3 years. While, most of the consumer loans are linked to one year tenure.

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Here is a comparison of lending rates of banks in the month of October 2023.

ICICI Bank MCLR

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.

Punjab National Bank MCLR

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.Also read: Quick, easy personal loans may become difficult now as RBI tells banks, NBFCs to be more careful

Yes Bank MCLR

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 MCLR

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.

Latest HDFC Bank MCLR

The over night MCLR is raised is 8.60 percent. The one-month MCLR of HDFC is 8.65percent. The three-month MCLR will be at 8.85 per cent. The six-month MCLR, is 9.10 percent. The one-year MCLR, which is linked to many consumer loans, is 9.20 percent.

Canara Bank

According to the Canara Bank website, The one-month MCLR rate stands at 8.05 percent. The three-month MCLR rate at 8.15 percent. Furthermore, the bank offers six-month MCLR rate at 8.5 percent. The year-on-year MCLR rate to 8.7 percent.

Bank of Maharashtra

The rates will be effective from October 11, 2023. The one-month MCLR rate stands at 8.20 percent. The three-month MCLR rate at 8.30 percent. Furthermore, the bank offers six-month MCLR rate at 8.5 percent The year-on-year MCLR rate to 8.7 percent, according to the website.

Bank of Baroda

The bank’s overnight marginal cost of funds-based lending rate (MCLR) will be 8 percent. For one-month, three-month, and six-month terms, BoB applies 8.25 percent, 8.35 percent, and 8.45 percent MCLR, accordingly. The one year MCLR stands at 8.70 percent.