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Bank of India MCLR Rates, Bank of India Base Rate – Jul 2017

Last Updated 18th Jul 2017

Bank of India MCLR Rate – Current Rate, Past Trend

Current MCLR of Bank of India ranges from 8.00% to 8.40% depending on the reset frequency of the loan. Rates are revised every month.

Bank of India MCLR, Base Rate Tenure
8.00% Overnight
8.10% 1 Month
8.15% 3 Month
8.30% 6 Month
8.40% 1 Year
Base rate - 9.55% Past Trend
Bank of India Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 10.50% * Floating Detail
Fixed Deposit Interest Rates 4.00% to 6.80% * Detail

Past Trend MCLR Rate of Bank of India

Bank of India MCLR Rate History

Revised
Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year
MCLR
2 Year
MCLR
3 Year
MCLR
5 Year
MCLR
10th Jul 17
8.00%
8.10%
8.15%
8.30%
8.40%
-
-
-
07th Jun 17
8.00%
8.15%
8.15%
8.25%
8.40%
-
-
-
07th May 17
8.00%
8.15%
8.25%
8.30%
8.40%
-
-
-
07th Apr 17
8.00%
8.15%
8.30%
8.40%
8.50%
-
-
-
07th Mar 17
8.00%
8.15%
8.30%
8.40%
8.50%
-
-
-
07th Feb 17
8.00%
8.20%
8.30%
8.40%
8.50%
-
-
-
07th Jan 17
8.10%
8.25%
8.30%
8.40%
8.50%
-
-
-
07th Dec 16
9.00%
9.05%
9.10%
9.15%
9.25%
-
-
-
07th Nov 16
9.00%
9.10%
9.10%
9.20%
9.30%
-
-
-
07th Oct 16
9.00%
9.15%
9.20%
9.25%
9.35%
-
-
-
07th Sep 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
07th Aug 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
07th Jul 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
07th Jun 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
01st Apr 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
30th Nov -1
8.00%
-
-
-
-
-
-
-

Bank of India MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Bank of India decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR Rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Bank of India has different MCLR base rates ranging from 8.00% to 8.40% for different tenures

Changes in MCLR of Bank of India

  • MCLR rate can be revised by Bank of India every month
  • Note that 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

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, overnight loans) are linked to shorter duration 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 at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 0.00%. This loan will initially be priced at 0.5%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is -0.25%, the loan will be priced at 0.25% for the next year

Past trend of Bank of India Base Rate vs RBI Repo Rate

Date RBI Rates Bank Rates
31st Mar 17 9.55%
08th Feb 17 0%
07th Dec 16 0%
04th Oct 16 0.25%
30th Sep 16 9.65% 0.05%
05th Apr 16 0.25%
05th Oct 15 9.70% 0.25%
29th Sep 15 0.5%
02nd Jun 15 0.25%
02nd May 15 9.95% 0.25%
04th Mar 15 0.25%
15th Jan 15 0.25%
28th Jan 14 0.25%
20th Jan 14 10.20% 0.05%
18th Dec 13 0%
29th Oct 13 0.25%
20th Sep 13 0.25%
01st Sep 13 10.25% 0.25%
08th Jul 13 10.00% 0.25%
03rd May 13 0.25%
19th Mar 13 0.25%
09th Feb 13 10.25% 0.25%
29th Jan 13 0.25%
01st May 12 10.50% 0.25%
17th Apr 12 0.5%
25th Oct 11 0.25%
16th Sep 11 0.25%
28th Jul 11 10.75% 0.75%
26th Jul 11 0.5%
16th Jun 11 0.25%
05th May 11 10.00% 0.5%
03rd May 11 0.5%
17th Mar 11 0.25%
03rd Feb 11 9.50% 0.5%
25th Jan 11 0.25%
15th Dec 10 9.00% 0.5%
02nd Nov 10 0.25%
11th Oct 10 8.50% 0.5%
16th Sep 10 0.25%
27th Jul 10 0.25%
02nd Jul 10 0.25%
01st Jul 10 8.00%

Bank of India Base Rate Vs. RBI Repo Rate Trend

About Bank of India

  • Bank of India is a Public Sector Bank in India with 4,892 branches, 6,771 ATM's across the country.
  • Bank of India's registered office is located at Star House, C-5,G Block, Bandra Kurla Complex, Mumbai, Maharashtra-400051.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 11,344 crs. and Standalone net profit of Rs. 1,709 crs. Bank of India reported total deposits of Rs. 531,907 crs and total advances of Rs. 411,726 crs.
  • Bank of India's management is led by its CEO Mr. Vijayalakshmi R. Iyer.
  • Its current Base Rate is 9.55%, which was last revised on 31st Mar 17.
Bank Of India Base Rate, PLR
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