Loan Interest Rate October 2024: RBI may not have made any change in the repo rate for the last one and a half years. But in the month of October, many big banks have changed the MCLR. Banks change their interest rates under MCLR.
SBI has reduced the loan rate for a certain period. While HDFC Bank has increased it for two periods. Let us know about the interest rate being offered by big banks like SBI, HDFC Bank, Punjab National Bank, Yes Bank, Bank of Baroda and IDBI Bank-
HDFC has increased the interest rate by 5 bps on loans with tenure of 6 months and 3 years. Apart from these two periods, the bank has not changed the interest rate of any loan. Offers overnight interest rate of 9.10% and one month MCLR of 9.15%. Three-month MCLR is 9.30% and six-month MCLR has increased from 9.40% to 9.45%. One-year MCLR is 9.45%. Two-year MCLR is at 9.45% and three-year tenor has increased from 9.45% to 9.50% after revision.
State Bank of India (SBI) MCLR based rates have been adjusted within the limit of 8.20% to 9.1%. The bank’s overnight MCLR stands at 8.20% while for one-month it has come down from 8.45% to 8.20%, a drop of 25 bps. Six-month MCLR has been set at 8.85%. The one-year MCLR has been revised to 8.95%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.
The overnight interest rate of Bank of Baroda is 8.15%. The one-month rate is 8.35%. The three-month rate is 8.50%. The six-month rate has increased to 8.75%. The one-year interest rate is 8.95%. The new rates have become effective from October 12, 2024.
According to the PNB website, the bank’s overnight interest rate is 8.30%. The MCLR-based loan rate for one month is 8.40%. For three months it is 8.60% and for one year it is 8.95%. The three-year period is 9.25%. The rates have been implemented from October 1, 2024.
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