{"id":3061,"date":"2018-04-17T17:18:53","date_gmt":"2018-04-17T11:48:53","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=3061"},"modified":"2018-04-17T17:18:53","modified_gmt":"2018-04-17T11:48:53","slug":"mclr-rate","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/mclr-rate\/","title":{"rendered":"MCLR Rate"},"content":{"rendered":"<h2>MCLR Rates Offered By Top Banks:<\/h2>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped col-sm-12\">\n<thead>\n<tr>\n<th class=\"table-header\" colspan=\"8\">Bank Wise MCLR Rates (In %) &#8211; 05 Mar 2018<\/th>\n<\/tr>\n<tr>\n<th class=\"table-header\">Banks<\/th>\n<th class=\"table-header\">3 years<\/th>\n<th class=\"table-header\">2 years<\/th>\n<th class=\"table-header\">1 year<\/th>\n<th class=\"table-header\">6 months<\/th>\n<th class=\"table-header\">3 months<\/th>\n<th class=\"table-header\">1 month<\/th>\n<th class=\"table-header\">Overnight<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><em><strong>State Bank of India<\/strong><\/em><\/td>\n<td>8.10%<\/td>\n<td>8.05%<\/td>\n<td>7.95%<\/td>\n<td>7.90%<\/td>\n<td>7.85%<\/td>\n<td>7.80%<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>HDFC Bank<\/strong><\/em><\/td>\n<td>8.40%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<td>7.90%<\/td>\n<td>7.85%<\/td>\n<td>7.80%<\/td>\n<td>7.80%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>ICICI Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.20%<\/td>\n<td>8.15%<\/td>\n<td>7.90%<\/td>\n<td>7.85%<\/td>\n<td>7.85%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Axis Bank<\/strong><\/em><\/td>\n<td>8.35%<\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<td>8.15%<\/td>\n<td>8.00%<\/td>\n<td>7.80%<\/td>\n<td>7.80%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>PNB<\/strong><\/em><\/td>\n<td>830%<\/td>\n<td>NA<\/td>\n<td>8.15%<\/td>\n<td>8.10%<\/td>\n<td>8.00%<\/td>\n<td>7.90%<\/td>\n<td>7.75%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Citibank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.10%<\/td>\n<td>8.15%<\/td>\n<td>8.10%<\/td>\n<td>8.10%<\/td>\n<td>7.90%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Indusind Bank<\/strong><\/em><\/td>\n<td>8.95%<\/td>\n<td>8.90%<\/td>\n<td>8.85%<\/td>\n<td>8.80%<\/td>\n<td>8.55%<\/td>\n<td>8.25%<\/td>\n<td>8.20%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Kotak<\/strong><\/em><\/td>\n<td>8.60%<\/td>\n<td>8.60%<\/td>\n<td>8.60%<\/td>\n<td>8.30%<\/td>\n<td>8.10%<\/td>\n<td>7.70%<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Yes Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.85%<\/td>\n<td>8.55%<\/td>\n<td>8.25%<\/td>\n<td>7.95%<\/td>\n<td>7.80%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>RBL<\/strong><\/em><\/td>\n<td>9.40%<\/td>\n<td>9.30%<\/td>\n<td>9.25%<\/td>\n<td>9.20%<\/td>\n<td>9.10%<\/td>\n<td>9.05%<\/td>\n<td>8.95%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>DBS<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.30%<\/td>\n<td>8.10%<\/td>\n<td>8.00%<\/td>\n<td>7.90%<\/td>\n<td>7.90%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>IDFC<\/strong><\/em><\/td>\n<td>8.70%<\/td>\n<td>8.60%<\/td>\n<td>8.50%<\/td>\n<td>8.25%<\/td>\n<td>7.90%<\/td>\n<td>7.90%<\/td>\n<td>7.85%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Bank of India<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<td>8.10%<\/td>\n<td>8.00%<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Andhra Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.40%<\/td>\n<td>8.30%<\/td>\n<td>8.20%<\/td>\n<td>8.15%<\/td>\n<td>8.10%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Allahabad Bank<\/strong><\/em><\/td>\n<td>8.70%<\/td>\n<td>8.65%<\/td>\n<td>8.45%<\/td>\n<td>8.35%<\/td>\n<td>8.25%<\/td>\n<td>8.05%<\/td>\n<td>7.95%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Nainital Bank<\/strong><\/em><\/td>\n<td>9.00%<\/td>\n<td>8.65%<\/td>\n<td>8.35%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<td>8.05%<\/td>\n<td>8.05%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Lakshmi Vilas Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.30%<\/td>\n<td>9.25%<\/td>\n<td>9.25%<\/td>\n<td>9.25%<\/td>\n<td>9.25%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Jammu and Kashmir Bank<\/strong><\/em><\/td>\n<td>9.05%<\/td>\n<td>9.00%<\/td>\n<td>8.80%<\/td>\n<td>8.40%<\/td>\n<td>8.05%<\/td>\n<td>7.90%<\/td>\n<td>7.65%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Bank of Maharashtra<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.65%<\/td>\n<td>8.55%<\/td>\n<td>8.20%<\/td>\n<td>8.15%<\/td>\n<td>8.10%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Canara Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.45%<\/td>\n<td>8.40%<\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<td>8.20%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Central Bank of India<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<td>7.80%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Bandhan Bank<\/strong><\/em><\/td>\n<td>10.74%<\/td>\n<td>10.61%<\/td>\n<td>10.20%<\/td>\n<td>10.12%<\/td>\n<td>10.11%<\/td>\n<td>10.07%<\/td>\n<td>10.05%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>United Bank of India<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.60%<\/td>\n<td>8.45%<\/td>\n<td>8.20%<\/td>\n<td>7.95%<\/td>\n<td>7.90%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Union Bank of India<\/strong><\/em><\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<td>8.20%<\/td>\n<td>8.05%<\/td>\n<td>7.95%<\/td>\n<td>7.90%<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>UCO Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.45%<\/td>\n<td>8.35%<\/td>\n<td>8.15%<\/td>\n<td>8.00%<\/td>\n<td>7.90%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Punjab and Sind Bank MCLR<\/strong><\/em><\/td>\n<td>8.85%<\/td>\n<td>8.85%<\/td>\n<td>8.40%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<td>8.00%<\/td>\n<td>8.00%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Dena Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.25%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<td>8.05%<\/td>\n<td>8.05%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Federal Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.90%<\/td>\n<td>8.80%<\/td>\n<td>8.70%<\/td>\n<td>8.65%<\/td>\n<td>8.60%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>South Indian Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.00%<\/td>\n<td>8.45%<\/td>\n<td>8.15%<\/td>\n<td>8.00%<\/td>\n<td>7.90%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Standard Chartered<\/strong><\/em><\/td>\n<td>9.05%<\/td>\n<td>8.90%<\/td>\n<td>8.55%<\/td>\n<td>8.50%<\/td>\n<td>8.45%<\/td>\n<td>8.40%<\/td>\n<td>8.05%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Deutsche Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.25%<\/td>\n<td>9.00%<\/td>\n<td>8.50%<\/td>\n<td>8.00%<\/td>\n<td>7.75%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>BNP Paribas<\/strong><\/em><\/td>\n<td>8.25%<\/td>\n<td>8.00%<\/td>\n<td>8.00%<\/td>\n<td>7.65%<\/td>\n<td>7.30%<\/td>\n<td>7.30%<\/td>\n<td>7.30%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Corporation Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.65%<\/td>\n<td>8.60%<\/td>\n<td>8.20%<\/td>\n<td>7.90%<\/td>\n<td>7.90%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Indian Bank<\/strong><\/em><\/td>\n<td>8.55%<\/td>\n<td>NA<\/td>\n<td>8.35%<\/td>\n<td>8.25%<\/td>\n<td>8.15%<\/td>\n<td>8.05%<\/td>\n<td>8.00%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Karnataka Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.75%<\/td>\n<td>8.40%<\/td>\n<td>8.35%<\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Dhan Laxmi Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.80%<\/td>\n<td>9.65%<\/td>\n<td>8.90%<\/td>\n<td>8.85%<\/td>\n<td>8.85%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>DCB Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.72%<\/td>\n<td>9.52%<\/td>\n<td>9.05%<\/td>\n<td>8.80%<\/td>\n<td>8.60%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>City Union Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.25%<\/td>\n<td>9.15%<\/td>\n<td>9.10%<\/td>\n<td>9.05%<\/td>\n<td>9.00%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>IDBI Bank<\/strong><\/em><\/td>\n<td>8.70%<\/td>\n<td>8.60%<\/td>\n<td>8.55%<\/td>\n<td>8.35%<\/td>\n<td>8.30%<\/td>\n<td>8.10%<\/td>\n<td>8.00%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Syndicate Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.45%<\/td>\n<td>8.25%<\/td>\n<td>8.10%<\/td>\n<td>8.05%<\/td>\n<td>8.00%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>OBC<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>8.40%<\/td>\n<td>8.30%<\/td>\n<td>8.25%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Indian Overseas Bank<\/strong><\/em><\/td>\n<td>8.60%<\/td>\n<td>8.50%<\/td>\n<td>8.40%<\/td>\n<td>8.20%<\/td>\n<td>8.10%<\/td>\n<td>8.05%<\/td>\n<td>8.00%<\/td>\n<\/tr>\n<tr>\n<td><em><strong>Karur Vysya Bank<\/strong><\/em><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>9.00%<\/td>\n<td>8.80%<\/td>\n<td>8.65%<\/td>\n<td>8.65%<\/td>\n<td>8.65%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Difference Between MCLR And Base Rate<\/h2>\n<div class=\"hungry-table nb-table\">\n<table class=\"table table-bordered table-striped col-sm-12\">\n<thead>\n<tr>\n<th class=\"table-header\">MCLR<\/th>\n<th class=\"table-header\">Base Rate<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<ul>\n<li>MCLR or marginal cost of funds based lending rate has been introduced so that end borrowers can enjoy the benefits associated with repo rate cuts by the Reserve Bank of India (RBI). This has been implemented to make banking system even more transparent.<\/li>\n<li>MCLR depends on factors like CRR (Cash Reserve Ratio), marginal cost of funds, tenor premium, and operating cost.<\/li>\n<li>It is dependent on the repo rate changes made by the RBI.<\/li>\n<li>Marginal cost of funds based lending rate can be different for different loan tenures.<\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li>The minimum rate of interest at which banks offer loan to their customers is called the base rate.<\/li>\n<li>Base rate depends on different factors like profit, bank deposit rates, bank costs, etc.<\/li>\n<li>It is not dependent on the repo rate set by the Reserve Bank of India.<\/li>\n<li>Banks can choose to change the base rate quarterly.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>How to calculate MCLR?<\/h2>\n<p>In order to calculate the marginal cost of funds based lending rate, you must consider all the borrowing sources for a bank. A bank borrows from several sources including, fixed deposits, current accounts, savings accounts, etc. The rate of interest in these borrowing sources can be used by you for the calculation of marginal borrowing cost. You must understand that the source of a bank\u2019s funds is not only borrowing, but also the equity (retained or infused earnings). Thus, return on equity can also be expected.<\/p>\n<p>The formula prescribed by the Reserve Bank of India for calculation of MCLR is given below:<\/p>\n<p><em><strong>Marginal cost of funds = Marginal borrowing cost x 92% + return on the net worth x 8%<\/strong><\/em><\/p>\n<p>Banks must also maintain a cash reserve ratio of 4%. On this deposit, no interest is earned by the bank. Under MCLR, banks can avail some allowance called Negative Carry on CRR. Also, the operating costs must be considered and taken care of. There are several expenses of a bank that includes raising funds, opening branches, paying salary to its employees etc.<\/p>\n<p>Thus, MCLR depends on<\/p>\n<ol>\n<li>Tenor premium,<\/li>\n<li>Operating costs of the bank,<\/li>\n<li>Negative carry on Cash Reserve Ratio, and<\/li>\n<li>Marginal cost of funds.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>MCLR Rates Offered By Top Banks: Bank Wise MCLR Rates (In %) &#8211; 05 Mar 2018 Banks 3 years 2 years 1 year 6 months 3 months 1 month Overnight State Bank of India 8.10% 8.05% 7.95% 7.90% 7.85% 7.80% 7.70% HDFC Bank 8.40% 8.20% 8.10% 7.90% 7.85% 7.80% 7.80% ICICI Bank NA NA 8.20% &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/mclr-rate\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;MCLR Rate&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3061","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>MCLR Rate | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/mclr-rate\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"MCLR Rate | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"og:description\" content=\"MCLR Rates Offered By Top Banks: Bank Wise MCLR Rates (In %) &#8211; 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