State Bank of India (SBI) and ICICI Bank have revised their marginal cost based lending rate (MCLR) effective September 1. HDFC Bank may also revise MCLR when it takes it up for review on September 7.
SBI increased its lending rate by 0.20% across all tenors up to three years effective September 1 and other banks are likely to follow suit. With this, the MCLR of the bank stand between 8.10% to 8.65%. SBI’s MCLRs for overnight and one-month tenors are at 8.1%. The MCLR for a one-year tenor increased to 8.45% from 8.25% earlier. Most of the retail loans are benchmarked against one-year MCLR. HDFC Bank rates range from 8.40% to 8.70%.
The new MCLR rates for ICICI Bank are 8.30% to 8.55%, depending on the tenure. The one-year benchmark rate of the bank is at 8.55%.