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Allahabad Bank MCLR Rates, Allahabad Bank Base Rate – Jul 2021

Allahabad Bank MCLR Rate

Last Updated 15th Jul 2021

Current MCLR rate of Allahabad Bank ranges from 6.90% to 7.30% varying by reset frequency of the loan. Allahabad Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR Allahabad Bank Rate Today
Overnight 6.90%
1 Month 7.05%
3 Month 7.15%
6 Month 7.20%
1 Year 7.30%
Allahabad Bank Base Rate 8.30%

Allahabad Bank has merged into Indian Bank on April 1, 2020. The interest rates of Indian Bank will now be applicable on Allahabad Bank.

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Allahabad Bank Interest Rates

Allahabad Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 8.25% * Floating Detail
Loan Against Property Rates 14.15% * Floating Detail
Personal Loan Interest Rates 9.05% to 13.65% Detail
Business Loan Interest Rates 14.50% to 18.60% Detail
Fixed Deposit Interest Rates 2.90% to 5.25% Detail
RD Interest Rates 3.95% to 5.25% Detail

MCLR of Allahabad Bank

Allahabad Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Allahabad Bank as announced on 01 Jun 2021 are:

  • Overnight MCLR Rate is 6.90%.
  • 1 Month MCLR Rate is 7.05%.
  • 3 Month MCLR Rate is 7.15%.
  • 6 Month MCLR Rate is 7.20%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Allahabad Bank MCLR Rate Trend

Date Allahabad Bank MCLR
01st Jun 21 Overnight : 6.90%
1 Month : 7.05%
3 Month : 7.15%
6 Month : 7.20%
1 Year : 7.30%
03rd Feb 21 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Jan 21 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Dec 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Nov 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Oct 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Sep 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Aug 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
  • Effective 1st April 2016, Allahabad Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Allahabad Bank MCLR rates for different tenors range from 6.90% to 7.30%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Allahabad Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Allahabad Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, Allahabad Bank may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Allahabad Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Allahabad Bank.
  • MCLR rate can be revised by Allahabad Bank every month. However, it is not mandatory for Allahabad Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Allahabad Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Allahabad Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.

Compare Allahabad Bank MCLR Rates with Other Banks

About Allahabad Bank

  • Allahabad Bank's registered office is located at 2, N.S.Road, Kolkata-700001 .
  • Allahabad Bank's management is led by its CEO Mr. S. S. Mallikarjuna Rao.
  • Its current Base Rate is 8.30%, which was last revised on 03rd Apr 21.

FAQs

What is the MCLR of Allahabad Bank?

Allahabad Bank MCLR ranges between 6.90% to 7.30% for a tenure ranging between 1 month to 5 years.

What is the current Allahabad Bank MCLR rate?

Current Allahabad Bank, overnight tenure is 6.90%, 1 month mclr is 7.05% , three month mclr is 7.15%, six month mclr is 7.20%, one year tenure is 7.30% and two year tenure is 0.00%.

What is Allahabad Bank base rate?

Currently, Allahabad Bank offers loans at a base rate of 8.30%.


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Allahabad Bank News - Jul 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2020-02-14 : Allahabad Bank revised its MCLR
    Allahabad Bank revised its lending rate. The overnight MCLR is 7.75% and one-month MCLR is 7.85%. The three months, six months and one-year MCLR is 8.05%, 8.10% and 8.25%, respectively. The revised rates will be effective from 14 February 2020.
  • 2020-01-15 : Allahabad Bank cut its lending rate by 5 bps
    Allahabad Bank revised its MCLR in effect from 14 January 2020. The overnight and one-month MCLR is 7.80% and 7.85%. The lending rate of 3 months is 8.10% and for six months it is 8.15%. Further MCLR for the long tenor of one year is 8.30%. The revised rates will benefit home loan buyers.
  • 2019-08-28 : Allahabad bank links home loans and savings account rate with the external benchmark
    With effect from September 1, Allahabad Bank will price its home loan rate at external benchmarks. Also, all savings deposits above Rs 40 lakh will be charged at the same, with effect from October 1, 2019. However, the borrowers will be provided a choice to either borrow funds at MCLR rates of the bank or at external benchmark linked rates.
  • 2019-05-14 : Allahabad Bank lowers MCLR rates by 5 basis points
    Allahabad Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.10% and 8.20% as against 8.15% and 8.25% earlier. While for 3 months, the rate has been revised to 8.40% as against 8.45% earlier. While for 1 year the rate now stands at 8.60% as against 8.65% before. The revised rates are effective from May 14, 2019.
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