Loan interest rates in June 2024: These 6 banks have revised loan interest rates in June 2024

Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum interest rate below which a bank or a financial institution cannot lend you loans. It is calculated by the banks after considering the marginal cost of funds, operating costs, tenor premium, and negative carry-on cash reserve ratio. Banks regularly, usually monthly, assess their marginal cost of lending rates (MCLR) to account for variations in their financing costs and other pertinent aspects.

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Here are top banks and their lending rates offered in June 2024

Latest SBI MCLR

The MCLR-based rates will now range between 8.10% and 8.95%. The overnight MCLR is raised from 8% to 8.10%, while that of one month and three-month tenure from 8.20% to 8.30%. Among others, the six-month MCLR stands at 8.55% from 8.45%. The one year MCLR is now at 8.65% from 8.55%. For tenure of two years MCLR is 8.75% from 8.85%, respectively.

HDFC Bank lending rates

The overnight MCLR is 8.95%. The one-month MCLR of HDFC Bank is now at 9%. The three-month MCLR is 9.15%. The six-month MCLR is 9.30%. The one-year MCLR, which is linked to many consumer loans, has been raised 9.30%. The 2 and 3 year MCLR is at 9.35%. The rates are effective from June 7, 2024.

Yes Bank lending rates

According to the Yes bank website, the new rates are with effect from June 1, 2024. The overnight rate is 9.25%. The MCLR based lending rate for one-month is 9.55%. The three month rate is 10.20%. The six-month rate is 10.45%. The one-year rate is 10.60%.

Canara Bank lending rates

The overnight rate is 8.15%. The one-month rate is 8.25%. The three-month rate is 8.35%. The six-month rate is at 8.70%. The one-year rate is 8.90%. The two-year rate is at 9.20%. The three-year rate is 9.30%. The rates are effective from June 12, 2024.

PNB lending rates

According to the PNB website, the overnight rate is 8.25%. The MCLR based lending rate for one-month is 8.30%. The three-month rate is 8.50%. The one year rate is 8.85% and three year tenure is 9.10%. The rates are effective from June 1, 2024.

IDBI Bank lending rates

According to the IDBI Bank website, the latest MCLR for overnight tenor is 8.35%. For one-month tenure the MCLR is 8.50%. The three-month MCLR rate for IDBI Bank customers is 8.80%. The six month MCLR is 9%. The one year MCLR is 9.05%. The two year MCLR is 9.60%. The three year MCLR is 10%. These rates are effective from June 12, 2024.