Marginal Cost of fund based Lending Rate (MCLR)
Marginal Cost of fund based Lending Rate – MCLR (w.e.f 07.09.2019) are listed below:
|Type of MCLR||MCLR Rate||Period of applicability|
|Overnight MCLR||8.35% per annum||1 day and above and less than 1 month|
|One-Month MCLR||8.35% per annum||1 month and above and less than 3 months|
|Three-Month MCLR||8.60% per annum||3 months and above and less than 6 months|
|Six-Month MCLR||9.15% per annum||6 months and above and less than 1 year|
|One-Year MCLR||9.45% per annum||1 year and above|
The above MCLRs shall be applicable only to new loans / advances sanctioned / first disbursement made on or after 07th September 2019 and those credit facilities renewed / reviewed / reset undertaken and also where switchover of MCLR linked interest rate is permitted at the option of the borrower on or after 07th September 2019.
All rupee loans sanctioned and credit limits sanctioned / renewed w.e.f 1st April 2016 will be priced with reference to the MCLR only.
There will be no lending below the MCLR of a particular maturity for all loans linked to that benchmark.