Loan interest rates in June 2024: These 6 banks have revised loan interest rates in June 2024
Synopsis
Latest loan interest rates: Banks regularly, usually on a monthly basis, assess their marginal cost of lending rates (MCLR) to account for variations in their financing costs and other pertinent aspects. Here are the top banks and their lending rates offered in June 2024, reflecting the changes in MCLR.
By Sneha Kulkarni, ET Online
Last Updated:
Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum interest rate below which a bank or a financial institution cannot lend you loans. It is calculated by the banks after considering the marginal cost of funds, operating costs, tenor premium, and negative carry-on cash reserve ratio. Banks regularly, usually monthly, assess their marginal cost of lending rates (MCLR) to account for variations in their financing costs and other pertinent aspects.
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Not getting the home loan amount you want? How to increase home loan eligibility with minimal costHere are top banks and their lending rates offered in June 2024
Latest SBI MCLR
The MCLR-based rates will now range between 8.10% and 8.95%. The overnight MCLR is raised from 8% to 8.10%, while that of one month and three-month tenure from 8.20% to 8.30%. Among others, the six-month MCLR stands at 8.55% from 8.45%. The one year MCLR is now at 8.65% from 8.55%. For tenure of two years MCLR is 8.75% from 8.85%, respectively.HDFC Bank lending rates
The overnight MCLR is 8.95%. The one-month MCLR of HDFC Bank is now at 9%. The three-month MCLR is 9.15%. The six-month MCLR is 9.30%. The one-year MCLR, which is linked to many consumer loans, has been raised 9.30%. The 2 and 3 year MCLR is at 9.35%. The rates are effective from June 7, 2024.Invest and Earn on ET Money - Get up to 9.5% p.a. returns
Yes Bank lending rates
According to the Yes bank website, the new rates are with effect from June 1, 2024. The overnight rate is 9.25%. The MCLR based lending rate for one-month is 9.55%. The three month rate is 10.20%. The six-month rate is 10.45%. The one-year rate is 10.60%.ADVERTISEMENT