Bank of India MCLR Rates, Bank of India Base Rate – Feb 2018

Bank of India MCLR Rate

Current MCLR rate of Bank of India ranges from 7.70% to 8.30% varying by reset frequency of the loan. Bank of India revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenor.

Base rate to be aligned to MCLR from 1st April 2018 - RBI in its monetary policy on 7th Feb 2018 has mandated that banks’ base rates be linked to MCLR rates. This will benefit Bank of India home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in Bank of India MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate.

Tenure wise MCLR Bank of India Rate Today
Overnight 7.70%
1 Month 8.00%
3 Month 8.10%
6 Month 8.25%
1 Year 8.30%
Bank of India Base Rate 9.45%

Bank of India Interest Rates

Bank of India Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 10.50% * Floating Detail
Car Loan Interest Rates 9.35% to 0.00% Detail
RD Interest Rates 5.25% to 6.60% Detail
Fixed Deposit Interest Rates 7.00% to 6.75% Detail

MCLR of Bank of India

Bank of India revises its MCLR rate on a monthly basis. Latest MCLR rates of Bank of India as announced on 10 Feb 2018 are:

  • Overnight MCLR Rate is 7.70%. The rate was last revised on 10 Oct 2017 to 7.70% from 7.90%
  • 1 Month MCLR Rate is 8.00%. The rate was last revised on 10 Sep 2017 to 8.00% from 8.10%
  • 3 Month MCLR Rate is 8.10%. The rate was last revised on 10 Sep 2017 to 8.10% from 8.15%
  • 6 Month MCLR Rate is 8.25%. The rate was last revised on 10 Aug 2017 to 8.25% from 8.30%
  • 1 Year MCLR Rate is 8.30%. The rate was last revised on 10 Sep 2017 to 8.30% from 8.40%

Bank of India MCLR Rate Trend

Date Bank of India MCLR
10th Feb 18
Overnight : 7.70%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.25%
1 Year : 8.30%
10th Jan 18
Overnight : 7.70%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.25%
1 Year : 8.30%
10th Dec 17
Overnight : 7.70%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.25%
1 Year : 8.30%
10th Nov 17
Overnight : 7.70%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.25%
1 Year : 8.30%
10th Oct 17
Overnight : 7.70%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.25%
1 Year : 8.30%
10th Sep 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.25%
1 Year : 8.30%
10th Aug 17
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.15%
6 Month : 8.25%
1 Year : 8.40%
10th Jul 17
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.15%
6 Month : 8.30%
1 Year : 8.40%
07th Jun 17
Overnight : 8.00%
1 Month : 8.15%
3 Month : 8.15%
6 Month : 8.25%
1 Year : 8.40%
07th May 17
Overnight : 8.00%
1 Month : 8.15%
3 Month : 8.25%
6 Month : 8.30%
1 Year : 8.40%
07th Apr 17
Overnight : 8.00%
1 Month : 8.15%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.50%
07th Mar 17
Overnight : 8.00%
1 Month : 8.15%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.50%
07th Feb 17
Overnight : 8.00%
1 Month : 8.20%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.50%
07th Jan 17
Overnight : 8.10%
1 Month : 8.25%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.50%
07th Dec 16
Overnight : 9.00%
1 Month : 9.05%
3 Month : 9.10%
6 Month : 9.15%
1 Year : 9.25%
07th Nov 16
Overnight : 9.00%
1 Month : 9.10%
3 Month : 9.10%
6 Month : 9.20%
1 Year : 9.30%
07th Oct 16
Overnight : 9.00%
1 Month : 9.15%
3 Month : 9.20%
6 Month : 9.25%
1 Year : 9.35%
07th Sep 16
Overnight : 9.15%
1 Month : 9.20%
3 Month : 9.25%
6 Month : 9.30%
1 Year : 9.40%
07th Aug 16
Overnight : 9.15%
1 Month : 9.20%
3 Month : 9.25%
6 Month : 9.30%
1 Year : 9.40%
07th Jul 16
Overnight : 9.15%
1 Month : 9.20%
3 Month : 9.25%
6 Month : 9.30%
1 Year : 9.40%
07th Jun 16
Overnight : 9.15%
1 Month : 9.20%
3 Month : 9.25%
6 Month : 9.30%
1 Year : 9.40%
01st Apr 16
Overnight : 9.15%
1 Month : 9.20%
3 Month : 9.25%
6 Month : 9.30%
1 Year : 9.40%
30th Nov -1
Overnight : 8.00%
  • Effective 1st April 2016, Bank of India 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. Bank of India MCLR rates for different tenors range from 7.70% to 8.30%.
  • 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, Bank of India 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, Bank of India 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%, Bank of India may decide to cut its 1 Year 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 Bank of India with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Bank of India.
  • MCLR rate can be revised by Bank of India every month. However, it is not mandatory for Bank of India to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

Bank of India Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Bank of India 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.
  • Your loan from Bank of India will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 Year MCLR rate of Bank of India will be repriced every year. Say, you take a loan from Bank of India at 1 Year MCLR rate plus 20 bps spread when the 1 Year MCLR rate is 8.30%. This loan will initially be priced at 8.5%. Its next re-pricing will be done one year from now. If the 1 Year MCLR rate after one year increases by 10 bps, the loan will be priced at 8.6% for the next year.

Compare MCLR Rate Movement



    Compare Bank of India MLCR Rates with Other Banks

    About Bank of India

    • Bank of India's registered office is located at Star House, C-5,G Block, Bandra Kurla Complex, Mumbai, Maharashtra-400051.
    • Bank of India's management is led by its CEO Mr. Vijayalakshmi R. Iyer.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
    Bank of India News - Feb 2018
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