New Delhi: In the last month of the ongoing year i.e. 2023, several prominent banks in India, including Canara Bank, IDBI Bank, Union Bank of India, Bank of Baroda, ICICI Bank, and Punjab National Bank (PNB), have changed their Marginal Cost Lending Rate (MCLR) and Repo-Linked Lending Rate (RLLR).
As you know, changes in MCLR and RLLR have a direct impact on the loan rates. As a result, these adjustments alter the Equated Monthly Installments (EMIs) of borrowers.
Canara Bank Latest Loan Interest Rates 2023
Canara Bank announced changes in its MCLR rates effective December 12, 2023. The overnight rates have decreased to 8 percent, while one-month loan rates stand at 8.1 percent, three-month rates at 8.2 percent, and six-month rates at 8.55 percent. (Also Read: Who Is Lalit Khaitan? Read Tale Of 80-Year-Old India’s Newest Billionaire)
The one-year loan rate is now 8.75 percent, two-year at 9.05 percent, and three-year at 9.15 percent. Canara Bank’s Repo-Linked Lending Rate (RLLR) has also been reduced to 9.25 percent.
IDBI Bank Latest Loan Interest Rates 2023
IDBI Bank has revised its MCLR rates from December 12, 2023. The overnight loan rate is 8.3 percent, with one-month and three-month rates at 8.45 percent and 8.75 percent, respectively. The six-month MCLR is 8.95 percent, one year at 9 percent, two years at 9.55 percent, and three years at 9.95 percent.
Union Bank Of India Latest Loan Interest Rates 2023
Union Bank of India has introduced new MCLR rates, including an overnight rate of 7.9 percent, one-month MCLR at 7.95 percent, and three-month MCLR at 8.35 percent. The six-month MCLR is fixed at 8.6 percent, one year at 8.8 percent, and two to three years at 8.9 percent and 9.05 percent, respectively.
Bank Of Baroda Latest Loan Interest Rates 2023
Bank of Baroda’s overnight MCLR is now at 8 percent, with one-month, three-month, and six-month rates at 8.3 percent, 8.4 percent, and 8.55 percent, respectively. The one-year MCLR is set at 8.75 percent, effective from December 12.
ICICI Bank Latest Loan Interest Rates 2023
ICICI Bank adjusted its MCLR rates starting December 1, 2023. The overnight rate is 8.5 percent, with one-month, three-month, six-month, and one-year rates at 8.5 percent, 8.55 percent, 8.9 percent, and 9 percent, respectively.
Punjab National Bank (PNB) Latest Loan Interest Rates 2023
PNB implemented changes in its MCLR rates from December 1, 2023. The overnight MCLR is now at 8 percent, with one-month, three-month, six-month, one-year, and three-year rates at 8.25 percent, 8.35 percent, 8.55 percent, 8.65 percent, and 9.95 percent, respe