Bank of Maharashtra MCLR Rates, Bank of Maharashtra Base Rate – Jul 2017
Last Updated 10th Jul 2017
Bank of Maharashtra MCLR Rate – Current Rate, Past Trend
Current MCLR of Bank of Maharashtra ranges from 8.30% to 8.75% depending on the reset frequency of the loan. Rates are revised every month.
| Bank of Maharashtra MCLR, Base Rate | Tenure |
|---|---|
| 8.30% | Overnight |
| 8.35% | 1 Month |
| 8.40% | 3 Month |
| 8.75% | 6 Month |
| 8.75% | 1 Year |
| Base rate - 9.70% | Past Trend |
Bank of Maharashtra Interest Rates
| Home Loan Interest Rates | 8.75% * Floating | Detail |
| Personal Loan Interest Rates | 15.10% * | Detail |
| Fixed Deposit Interest Rates | 4.25% to 6.50% * | Detail |
Past Trend MCLR Rate of Bank of Maharashtra
Bank of Maharashtra MCLR Rate History
Revised
Date
Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year
MCLR
MCLR
2 Year
MCLR
MCLR
3 Year
MCLR
MCLR
5 Year
MCLR
MCLR
07th Jul 17
8.30%
8.35%
8.40%
8.75%
8.75%
-
-
-
07th Jun 17
8.30%
8.35%
8.40%
8.75%
8.75%
-
-
-
07th May 17
8.55%
8.70%
8.70%
8.75%
8.75%
-
-
-
07th Apr 17
8.55%
8.70%
8.70%
8.75%
8.75%
-
-
-
07th Mar 17
8.55%
8.70%
8.70%
8.75%
8.75%
-
-
-
07th Feb 17
8.55%
8.70%
8.70%
8.75%
8.75%
-
-
-
07th Jan 17
8.75%
8.80%
8.85%
8.90%
8.95%
-
-
-
01st Oct 16
9.05%
9.30%
9.40%
9.55%
9.60%
-
-
-
01st Apr 16
9.10%
9.35%
9.45%
9.60%
9.65%
-
-
-
Bank of Maharashtra MCLR Base Rate Vs. RBI
- RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Bank of Maharashtra 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 Maharashtra has different MCLR base rates ranging from 8.30% to 8.75% for different tenures
Changes in MCLR of Bank of Maharashtra
- MCLR rate can be revised by Bank of Maharashtra every month
- Note that it is not mandatory for Bank of Maharashtra to revise its rate every month and it may choose to retain the same rate for a longer period
Bank of Maharashtra home loan interest rate and MCLR
- Every floating rate loan sanctioned by Bank of Maharashtra 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 Maharashtra 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 Maharashtra will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.65%. This loan will initially be priced at 10.15%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.4%, the loan will be priced at 9.9% for the next year
Past trend of Bank of Maharashtra Base Rate vs RBI Repo Rate
| Date | RBI Rates | Bank Rates |
|---|---|---|
| 04th Oct 16 | 0.25% | |
| 05th Apr 16 | 0.25% | |
| 05th Oct 15 | 9.70% 0.3% | |
| 29th Sep 15 | 0.5% | |
| 02nd Jun 15 | 0.25% | |
| 01st Jun 15 | 10.00% 0.25% | |
| 04th Mar 15 | 0.25% | |
| 15th Jan 15 | 0.25% | |
| 15th Dec 14 | 10.25% 0.15% | |
| 21st Apr 14 | 10.40% 0.15% | |
| 28th Jan 14 | 0.25% | |
| 29th Oct 13 | 0.25% | |
| 20th Sep 13 | 0.25% | |
| 26th Aug 13 | 10.25% 0.25% | |
| 15th 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% 0.1% | |
| 17th Apr 12 | 0.5% | |
| 21st Feb 12 | 10.60% 0.1% | |
| 25th Oct 11 | 0.25% | |
| 01st Oct 11 | 10.70% 0.2% | |
| 16th Sep 11 | 0.25% | |
| 02nd Aug 11 | 10.50% 0.25% | |
| 26th Jul 11 | 0.5% | |
| 16th Jul 11 | 10.25% 0.25% | |
| 16th Jun 11 | 0.25% | |
| 05th May 11 | 10.00% 0.5% | |
| 03rd May 11 | 0.5% | |
| 17th Mar 11 | 0.25% | |
| 25th Jan 11 | 0.25% | |
| 10th Jan 11 | 9.50% 0.5% | |
| 15th Dec 10 | 9.00% 0.75% | |
| 02nd Nov 10 | 0.25% | |
| 16th Sep 10 | 0.25% | |
| 27th Jul 10 | 0.25% | |
| 02nd Jul 10 | 0.25% | |
| 01st Jul 10 | 8.25% |
Bank of Maharashtra Base Rate Vs. RBI Repo Rate Trend
About Bank of Maharashtra
- Bank of Maharashtra is a Public Sector Bank in India with 1,880 branches, 1,849 ATM's and 14,189 employees across the country.
- Bank of Maharashtra's registered office is located at 1501, Lokmangal, Shivajinagar, Pune, Maharashtra-411005 .
- For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 3,875 crs. and Standalone net profit of Rs. 338 crs. Bank of Maharashtra reported total deposits of Rs. 122,119 crs and total advances of Rs. 98,599 crs.
- Bank of Maharashtra's management is led by its CEO Mr. Sushil Muhnot.
- Its current Base Rate is 9.70%, which was last revised on 05th Oct 15.
