MCLR Base Rate

Current MCLR Base Rate of All Banks in India

Last Updated 25th Mar 2017
  • MCLR (Marginal Cost of Fund based Lending Rate) is the internal benchmark rate for banks used for benchmarking floating rate loans effective from 1st April 2016
  • MCLR is based on cost of funds for banks and is derived as sum of marginal cost of funds, negative carry on account of CRR, operating costs of banks and tenor premium
  • As MCLR is closely linked to repo rate, it will improve the transmission of RBI’s repo rate cut to the end borrower
  • Banks publish MCLR for at least five durations which are overnight MCLR, 1 month MCLR, 3 month MCLR, 6 month MCLR and 1 year MCLR. However banks may publish MCLR base rates for more than five periods. The banks may revise the MCLR rate every month.
  • Interest rate on each floating rate loan would be reset on based on the duration of the MCLR to which it is linked

MCLR, Base Rate Trend, PLR Trend of All Banks in India

Bank MCLR, Past Trend Current MCLR Rate – 25th Mar 2017 Base Rate Latest Update
SBI MCLR Base Rate 7.75% - 8.15% 9.25% 01st Mar 17
HDFC PLR - 16.15% 19th Jan 17
ICICI Bank MCLR Base Rate 7.85% - 8.20% 9.35% 01st Mar 17
Axis Bank MCLR Base Rate 7.90% - 8.35% 9.25% 18th Mar 17
PNB Housing Finance PLR - 14.35% 27th Apr 15
LIC Housing Finance PLR - 14.20% 10th Oct 15
Citibank MCLR Base Rate 7.85% - 8.05% 9.10% 07th Mar 17
Standard Chartered Bank MCLR Base Rate 8.50% - 9.30% 9.25% 07th Mar 17
DBS Bank MCLR Base Rate 7.75% - 8.10% 8.40% 07th Mar 17
DHFL PLR - 18.30% 08th Oct 15
UCO Bank MCLR Base Rate 8.15% - 8.60% 9.70% 10th Mar 17
Union Bank of India MCLR Base Rate 8.00% - 8.60% 9.30% 01st Mar 17
Vijaya Bank MCLR Base Rate 8.35% - 8.75% 9.65% 07th Feb 17
United Bank of India MCLR Base Rate 8.30% - 8.80% 9.65% 06th Jan 17
Andhra Bank MCLR Base Rate 8.45% - 8.65% 9.70% 03rd Jan 17
State Bank of Travancore MCLR Base Rate 7.95% - 8.55% 9.95% 01st Mar 17
Bank of India MCLR Base Rate 8.00% - 8.50% 9.65% 07th Mar 17
Bank of Maharashtra MCLR Base Rate 8.55% - 8.75% 9.70% 07th Mar 17
Canara Bank MCLR Base Rate 8.20% - 8.45% 9.65% 07th Mar 17
Central Bank of India MCLR Base Rate 8.05% - 8.50% 9.70% 01st Mar 17
Dena Bank MCLR Base Rate 8.50% - 8.60% 9.70% 01st Mar 17
Punjab and Sind Bank MCLR Base Rate 8.60% - 9.10% 9.75% 04th Jan 17
State Bank of Hyderabad MCLR Base Rate 8.30% - 8.75% 9.75% 01st Mar 17
State Bank of Mysore MCLR Base Rate 8.30% - 8.90% 9.65% 01st Mar 17
State Bank of Patiala MCLR Base Rate 8.05% - 8.45% 9.65% 15th Mar 17
Bajaj Finserv PLR - 20.16% 01st May 14
Capital Local Area Bank MCLR Base Rate 9.80% - 9.80% 10.40% 01st Dec 16
Bandhan Bank MCLR Base Rate 10.26% - 10.52% 12.00% 03rd Jan 17
IDFC Bank MCLR Base Rate 7.95% - 8.90% 9.50% 01st Mar 17
Allahabad Bank MCLR Base Rate 8.15% - 8.60% 9.70% 10th Jan 17
Nainital Bank MCLR Base Rate 8.30% - 8.60% 9.75% 07th Jan 17
Corporation Bank MCLR Base Rate 8.25% - 8.75% 9.65% 01st Mar 17
Bank of Baroda MCLR Base Rate 8.10% - 8.65% 9.60% 07th Mar 17
IIFL PLR - 17.50% 01st Apr 14
Reliance Capital PLR - 18.00% 01st Nov 15
GIC Housing Finance PLR - 15.00% 30th Nov -1
Edelweiss PLR - 17.50% 30th Nov 15
HSBC Bank MCLR Base Rate 7.70% - 8.00% 9.10% 01st Mar 17
Deutsche Bank MCLR Base Rate 7.90% - 9.40% 9.10% 07th Mar 17
BNP MCLR Base Rate 7.70% - 8.70% 8.90% 01st Mar 17
Yes Bank MCLR Base Rate 7.95% - 8.80% 10.25% 01st Mar 17
RBL Bank MCLR Base Rate 9.60% - 9.95% 10.60% 22nd Feb 17
Kotak Bank MCLR Base Rate 8.05% - 8.85% 9.30% 01st Mar 17
Karur Vysya Bank MCLR Base Rate 9.20% - 9.60% 10.30% 07th Jan 17
IndusInd Bank MCLR Base Rate 8.40% - 9.10% 10.60% 17th Feb 17
Repco Home Finance PLR - 16.00% 30th Nov -1
IDBI Bank MCLR Base Rate 8.20% - 8.95% 9.65% 01st Feb 17
Indian Bank MCLR Base Rate 8.40% - 8.90% 9.65% 07th Jan 17
Indian Overseas Bank MCLR Base Rate 8.45% - 8.85% 9.70% 07th Jan 17
Lakshmi Vilas Bank MCLR Base Rate 9.75% - 9.80% 10.50% 09th Feb 17
Jammu And Kashmir Bank MCLR Base Rate 8.10% - 8.90% 9.50% 10th Mar 17
Federal Bank MCLR Base Rate 8.70% - 8.95% 9.63% 16th Mar 17
Tamilnad Mercantile Bank MCLR Base Rate 9.15% - 9.40% 10.30% 01st Mar 17
South Indian Bank MCLR Base Rate 8.35% - 9.10% 10.00% 20th Mar 17
Karnataka Bank MCLR Base Rate 8.90% - 9.15% 10.25% 01st Oct 16
Dhan Laxmi Bank MCLR Base Rate 8.95% - 9.90% 11.40% 07th Mar 17
Development Credit Bank MCLR Base Rate 8.75% - 9.98% 10.64% 04th Feb 17
City Union Bank MCLR Base Rate 9.25% - 9.50% 10.50% 06th Jan 17
Catholic Syrian Bank MCLR Base Rate 9.00% - 10.10% 10.25% 01st Feb 17
Indiabulls PLR - 17.05% 08th Oct 15
HDFC Bank MCLR Base Rate 7.85% - 8.30% 9.25% 07th Mar 17
Syndicate Bank MCLR Base Rate 8.30% - 8.75% 9.60% 10th Jan 17
SBBJ MCLR Base Rate 8.20% - 8.80% 9.70% 01st Mar 17
PNB MCLR Base Rate 8.20% - 8.75% 9.60% 01st Mar 17
OBC MCLR Base Rate 8.40% - 8.60% 9.65% 03rd Jan 17
LT Housing Finance PLR - 17.35% 30th Nov -1

Base Rate

  • Base Rate is the minimum interest rate at which a bank can lend except for loans to its own employees, its retired employees and against bank’s own deposits
  • All floating and fixed rate loans sanctioned by banks before 1st April, 2016 were priced using base rate as benchmark.


  • PLR (Prime Lending Rate) is the internal benchmark rate used for benchmarking floating rate loans sanctioned by Non Banking Financial Companies (NBFC) and Housing Finance Companies (HFC)
  • PLR is calculated based on average cost of funds
  • NBFC and HFC generally price loan at discount on their existing their PLR.

How does MCLR base rate works?

You need to consider two parameters while taking floating rate home loan or business loan
  • Reset Frequency: The applicable MCLR rate will be the rate corresponding to the interest rate reset frequency of the loan. So, a home loan with a reset frequency every one year will be priced with the 1 year MCLR as the benchmark and a home loan with a 3 month reset will be price with the 3 month MCLR as the benchmark.
  • Spread: You need to consider the spread (margin that you pay over the banks MCLR) for the particular loan type of the bank. The margin charged would be fixed at time of sanction and can be changed only if there is change in customers’ credit profile. For instance, Bank A has 1 year MCLR of 9.1% and spread of 0.2 % for home loan. The interest rate that you will be charged in this case would be 9.3%.


  • Borrowers who have taken loan from banks before 1st April 2016, their loan will be priced at base rate, instead of MCLR
  • If you check the MCLR and base rate of banks shown above, you will notice that MCLR rates are mostly 5 - 50 bps lower compared to base rate. The reason for this is MCLR is closely linked to repo rate, and hence it has improved the transmission of RBI’s repo rate cut to the end borrower
  • In the current economic scenario where interest rate and bonds yields are falling, and hence banks are compelled to reduce the MCLR, it would be wise to switch from base rate to MCLR rate regime. All existing borrowers have the option of shifting to MCLR regime by paying a conversion fee of 0.5-1% of the loan amount

Impact of MCLR on Interest rate, loan tenure and EMI’s

  • As MCLR is closely linked to cost of funds of banks and the repo rate, hence any change in the repo rate will impact your floating interest rate on home loan or business loan
  • When a bank reduces the MCLR, your interest rate on floating home loan will be reduced. Generally this will not have any impact on EMI paid but it will impact the loan tenure
Apply Loan Online
 Salaried   Self Employed - Professional   Self Employed - Business 

I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry
News - Mar 2017
21st Mar 17 IndusInd Bank raises Rs. 1,000 crore via bonds
Private sector lender IndusInd Bank has raised Rs 1,000 crore by issuing bonds compliant with Basel III standards. The boards of directors have passed the resolution for issuance of Basel III compliant bonds towards non-equity additional tier I capital for cash aggregating to Rs 1,000 crore on private placement. The bonds have been rated stable AA both by Crisil and India Ratings and Research.
21st Mar 17 Government swaps chief executives of IDBI Bank, Indian Bank
Mahesh Kumar Jain, MD and CEO of Indian Bank have been appointed as MD and CEO of IDBI Bank. Mahesh Kumar Jain will head IDBI Bank for the remaining period of his current tenure or until further orders, whichever is earlier, IBDI Bank added.
21st Mar 17 SBI associate banks branches to become SBI branches from April 1
Branches of all five associate banks namely State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBoP), State Bank of Travancore (SBoT) are merging with parent bank State Bank of India and will begin functioning as SBI branches from April 1, 2017.With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. SBI alone has nearly 20,000 branches, including 191 foreign offices spread across 36 countries.
20th Mar 17 ICICI Bank launches Mera iMobile app for rural customers
ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
19th Mar 17 Cabinet Nod for Merger of Bhartiya Mahila Bank with SBI
The Union Cabinet has given his final approval to the merger of Bhartiya Mahila Bank with India’s largest lender State Bank of India. The cabinet has approved the amalgamation of five associates with the parent company last month. Integration process of all the five associates with SBI would start from April 1 as part of the largest consolidation exercise in the banking history of India.
*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.