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Bank of India MCLR Rates, Bank of India Base Rate – Jul 2021

Bank of India MCLR Rate

Last Updated 09th Jul 2021

Current MCLR rate of Bank of India ranges from 6.70% to 7.80% 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 tenors.

Tenure wise MCLR Bank of India Rate Today
Overnight 6.70%
1 Month 7.20%
3 Month 7.25%
6 Month 7.30%
1 Year 7.35%
3 Year 7.80%
Bank of India Base Rate 8.80%
Apply for Home Loan @ 6.65% *

Bank of India Interest Rates

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

Home Loan Interest Rates 6.95% * Floating Detail
Loan Against Property Rates 8.85% * Floating Detail
Car Loan Interest Rates 7.35% to 8.55% Detail
Fixed Deposit Interest Rates 3.00% to 5.30% Detail
RD Interest Rates 6.25% to 6.70% 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 01 Feb 2021 are:

  • Overnight MCLR Rate is 6.70%.
  • 1 Month MCLR Rate is 7.20%.
  • 3 Month MCLR Rate is 7.25%.
  • 6 Month MCLR Rate is 7.30%.
  • 1 Year MCLR Rate is 7.35%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 7.80%.
  • 5 Year MCLR Rate is 0.00%.

Bank of India MCLR Rate Trend

Date Bank of India MCLR
01st Feb 21 Overnight : 6.70%
1 Month : 7.20%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
3 Year : 7.80%
01st Jan 21 Overnight : 6.70%
1 Month : 7.20%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
3 Year : 7.80%
01st Dec 20 Overnight : 6.70%
1 Month : 7.20%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
2 Year : 7.80%
01st Nov 20 Overnight : 6.70%
1 Month : 7.20%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
3 Year : 7.80%
01st Oct 20 Overnight : 6.70%
1 Month : 7.20%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
3 Year : 7.80%
01st Sep 20 Overnight : 6.75%
1 Month : 7.25%
3 Month : 7.30%
6 Month : 7.35%
1 Year : 7.40%
3 Year : 7.85%
01st Aug 20 Overnight : 6.80%
1 Month : 7.25%
3 Month : 7.30%
6 Month : 7.35%
1 Year : 7.45%
2 Year : 7.85%
  • 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 6.70% to 7.80%.
  • 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 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.
  • 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.

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.

Compare Bank of India MCLR 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. Atanu Kumar Das.
  • Its current Base Rate is 8.80%, which was last revised on 01st Oct 20.

FAQs

What is the MCLR of Bank of India?

Bank of India MCLR ranges between 6.70% to 7.80% for a tenure ranging between 1 month to 5 years.

What is the current Bank of India MCLR rate?

Current Bank of India, overnight tenure is 6.70%, 1 month mclr is 7.20% , three month mclr is 7.25%, six month mclr is 7.30%, one year tenure is 7.35% and two year tenure is 0.00%.

What is Bank of India base rate?

Currently, Bank of India offers loans at a base rate of 8.80%.


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Bank of India News - Jul 2021
  • 2021-05-10 : Revised Marginal cost of lending rate for Bank of India
    Bank of India revised its MCLR rates with effect from 1 May 2021. The MCLR rates for overnight and one month are 6.70% and 7.20%. The rate for short tenors of three months and six months is 7.25% and 7.30%. Further, the MCLR for long tenors of one year and three years is 7.35% and 7.80%.
  • 2021-02-04 : Revised MCLR for Bank of India
    Bank of India revised its MCLR rates with effect from 1 February 2021. The MCLR rates for overnight and one-month are 6.70% and 7.20%. The rate for short tenors of three months and six months is 7.25% and 7.30%. Further, the MCLR for long tenors of one year and three years is 7.35% and 7.80%.
  • 2020-12-04 : Bank of India revised its MCLR for December
    Bank of India changed its MCLR rates. The MCLR rates for overnight and one-month is 6.70% and 7.20%. The lending rate for short tenors of three months and six months is 7.25% and 7.30%. Further, the MCLR for long tenors of one year and three years is 7.35% and 7.80%. The revised rates have been in effect from 1 December 2020.
  • 2020-11-04 : New MCLR for Bank of India
    With effect from 1 November 2020, Bank of India changed its MCLR. The MCLR for overnight and one-month is 6.70% and 7.20%, respectively. The MCLR for short tenors of three months and six months is 7.25% and 7.30%, respectively. Further, the MCLR for long tenors of one year and three years is 7.35% and 7.80%, respectively.
  • 2020-10-06 : Bank of India revised its MCLR
    Bank of India changed its MCLR rates. The MCLR rates for overnight and one-month is 6.70% and 7.20%. The lending rate for short tenors of three months and six months is 7.25% and 7.30%. Further, the MCLR for long tenors of one year and three years is 7.35% and 7.80%. The revised rates have been in effect from 1 October 2020.
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