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

Bank of India MCLR Rate – Current Rate, Past Trend

Last Updated 13th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
Bank of India MCLR, Base Rate Tenure
8.00% Overnight
8.20% 1 Month
8.30% 3 Month
8.40% 6 Month
8.50% 1 Year
Base rate - 9.65% Past Trend
Current MCLR of Bank of India ranges from 8.00% to 8.50% depending on the reset frequency of the loan. Rates are revised every month.
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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 7.00% * 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
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%
-
-
-

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 8.50% 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 9.40%. This loan will initially be priced at 9.9%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.15%, the loan will be priced at 9.65% for the next year

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

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
30th Sep 16 9.65% decreased by 0.05%
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.70% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
02nd May 15 9.95% increased by 1.95%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
20th Jan 14 10.20%
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
01st Sep 13 10.25% increased by 0.05%
08th Jul 13 10.00% decreased by 0.25%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.25% increased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% increased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
28th Jul 11 10.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% decreased by 0.75%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
03rd Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
15th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
11th Oct 10 8.50% decreased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00% decreased by 0.5%

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 9.65%, which was last revised on 30th Sep 16.
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News - Feb 2017
10th Feb 17 Bank of India reports a net profit of Rs. 102 crore in third quarter of FY17
Bank of India has reported a net profit of Rs. 102 crore during the third quarter of FY17 against a loss of Rs. 1,505 during the same quarter of FY16. Gross non -performing assets of the bank declined by 0.92 percent on a year on year basis and reported at Rs. 51,781 crore as on third quarter ending FY17.
10th Jan 17 Bank of India cuts loan against property rate
Bank of India has reduced its loan against property interest rate by 60 basis points. The revised LAP rate now stands at 10.50 percent as compared to 11.10 percent earlier. The rate is effective from 7th January, 2017.
09th Jan 17 Bank of India cuts home loan rates to 8.65 percent
Bank of India has reduced its home loan interest rates by 65 bps to 8.65 percent for women. The bank has also reduced home loan interest rates for other borrowers to 8.70 percent as compared to 9.30 percent earlier. The rates are effective from 7th January, 2017.
09th Jan 17 Bank of India reduces car loan rate by 70 basis points
Bank of India has reduced its car loan interest rate to 9.35 percent for new car buyers as compared to 10.05 percent earlier. The rate is effective from 7th January, 2017.
09th Jan 17 Bank of India reduces MCLR by up to 90 basis points
Bank of India has reduced its overnight and three month marginal cost of lending rate to 8.10 and 8.30 percent respectively. The revised lending rate for six months and one year now stands at 8.40 and 8.50 percent as compared to 9.15 and 9.25 percent earlier. The rates are effective from 7th January, 2017.
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