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

Andhra Bank MCLR Rate

Last Updated 16th Jul 2021

Current MCLR rate of Andhra Bank ranges from 6.60% to 7.25% varying by reset frequency of the loan. Andhra 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 Andhra Bank Rate Today
Overnight 6.60%
1 Month 6.70%
3 Month 6.90%
6 Month 7.05%
1 Year 7.20%
2 Year 7.25%
3 Year 7.25%
Andhra Bank Base Rate 8.35%

Andhra Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Andhra Bank.

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Andhra Bank Interest Rates

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

Home Loan Interest Rates 6.85% * Floating Detail
Loan Against Property Rates 10.75% * Floating Detail
Personal Loan Interest Rates 8.90% to 13.00% Detail
Car Loan Interest Rates 7.40% to 7.50% Detail
Business Loan Interest Rates 15.75% to 16.00% Detail
Gold Loan Interest Rates 7.60% to 9.10% Detail
Fixed Deposit Interest Rates 3.00% to 5.60% Detail
Saving Account Interest Rates 3.00% to 3.00% Detail
RD Interest Rates 5.50% to 5.80% Detail

MCLR of Andhra Bank

Andhra Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Andhra Bank as announced on 11 May 2021 are:

  • Overnight MCLR Rate is 6.60%.
  • 1 Month MCLR Rate is 6.70%.
  • 3 Month MCLR Rate is 6.90%.
  • 6 Month MCLR Rate is 7.05%.
  • 1 Year MCLR Rate is 7.20%.
  • 2 Year MCLR Rate is 7.25%.
  • 3 Year MCLR Rate is 7.25%.
  • 5 Year MCLR Rate is 0.00%.

Andhra Bank MCLR Rate Trend

Date Andhra Bank MCLR
11th May 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.25%
3 Year : 7.25%
11th Feb 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Jan 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Dec 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Oct 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Sep 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Aug 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.40%
3 Year : 7.45%
  • Effective 1st April 2016, Andhra 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. Andhra Bank MCLR rates for different tenors range from 6.60% to 7.25%.
  • 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, Andhra 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, Andhra 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%, Andhra 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 Andhra Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Andhra Bank.
  • MCLR rate can be revised by Andhra Bank every month. However, it is not mandatory for Andhra 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.

Andhra Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Andhra 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 Andhra Bank MCLR Rates with Other Banks

About Andhra Bank

  • Andhra Bank's registered office is located at Dr.Pattabhi Bhavan 5-9-11 Saifabad, Hyderabad-500004 .
  • Andhra Bank's management is led by its CEO Mr. J Packirisamy.
  • Its current Base Rate is 8.35%, which was last revised on 30th Dec 20.

FAQs

What is the MCLR of Andhra Bank?

Andhra Bank MCLR ranges between 6.60% to 7.25% for a tenure ranging between 1 month to 5 years.

What is the current Andhra Bank MCLR rate?

Current Andhra Bank, overnight tenure is 6.60%, 1 month mclr is 6.70% , three month mclr is 6.90%, six month mclr is 7.05%, one year tenure is 7.20% and two year tenure is 7.25%.

What is Andhra Bank base rate?

Currently, Andhra Bank offers loans at a base rate of 8.35%.


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Andhra Bank News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2020-03-16 : Andhra Bank revised its MCLR
    Andhra Bank changed its MCLR with effect from 16 March 2020. The overnight and one-month MCLR is 7.75% and 7.80%. The lending rate for the short tenors of three months and six months is 8% and 8.15%. Further, the lending rate for one year is 8.20%
  • 2020-01-17 : Andhra Bank MCLR remains the same
    Andhra Bank kept its MCLR unchanged. The overnight MCLR is 7.80. MCLR for 1 month, 3 months and 6 months is 7.85%, 8.05% and 8.20%, respectively. The lending rate for long tenors of 1 year stands at 8.30%. The revised rates are in effect from 16 January 2020.
  • 2019-12-19 : Andhra Bank cuts MCLR rates 10 bps
    Andhra Bank has cut its Marginal Cost of Funds Based lending Rate (MCLR) by up to 10 bps for December month. For one year, the MCLR stands at 8.30% as compared to 8.40% earlier. For overnight MCLR, the rate has been cut to 7.80% from 7.90% earlier. The revised standards have been in effect from December 16, 2019. The cut in MCLR will impact the interest rate of MCLR linked home loans and loans against property.
  • 2019-10-25 : Andhra Bank revises lending rates for October
    With effect from October 15, 2019, Andhra Bank revised its Marginal Cost of lending rates. The revised rates are 7.80% for an overnight period, 7.85% for one month, and 8.05% for three months. For long periods of six months and one year, the MCLR is 8.20% and 8.30%, respectively.
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