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

Bank of Maharashtra MCLR Rate

Last Updated 21st Jun 2021

Current MCLR rate of Bank of Maharashtra ranges from 6.80% to 7.30% varying by reset frequency of the loan. Bank of Maharashtra 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 Maharashtra Rate Today
Overnight 6.80%
1 Month 6.90%
3 Month 7.20%
6 Month 7.25%
1 Year 7.30%
Bank Maharashtra Base Rate 9.40%
Apply for Home Loan @ 6.65% *

Bank of Maharashtra Interest Rates

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

Home Loan Interest Rates 6.90% * Floating Detail
Personal Loan Interest Rates 9.55% to 12.90% Detail
Car Loan Interest Rates 7.55% to 10.40% Detail
Business Loan Interest Rates 14.50% to 15.50% Detail
Fixed Deposit Interest Rates 2.75% to 4.90% Detail
RD Interest Rates 6.00% to 6.60% Detail

MCLR of Bank of Maharashtra

Bank of Maharashtra revises its MCLR rate on a monthly basis. Latest MCLR rates of Bank of Maharashtra as announced on 07 May 2021 are:

  • Overnight MCLR Rate is 6.80%.
  • 1 Month MCLR Rate is 6.90%.
  • 3 Month MCLR Rate is 7.20%.
  • 6 Month MCLR Rate is 7.25%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Bank of Maharashtra MCLR Rate Trend

Date Bank of Maharashtra MCLR
07th May 21 Overnight : 6.80%
1 Month : 6.90%
3 Month : 7.20%
6 Month : 7.25%
1 Year : 7.30%
07th Feb 21 Overnight : 6.80%
1 Month : 6.90%
3 Month : 7.20%
6 Month : 7.25%
1 Year : 7.30%
06th Jan 21 Overnight : 6.80%
1 Month : 6.90%
3 Month : 7.20%
6 Month : 7.25%
1 Year : 7.30%
07th Oct 20 Overnight : 6.80%
1 Month : 6.90%
3 Month : 7.20%
6 Month : 7.25%
1 Year : 7.30%
07th Sep 20 Overnight : 6.80%
1 Month : 7.00%
3 Month : 7.20%
6 Month : 7.25%
1 Year : 7.30%
07th Aug 20 Overnight : 6.80%
1 Month : 6.90%
3 Month : 7.20%
6 Month : 7.30%
1 Year : 7.40%
  • Effective 1st April 2016, Bank of Maharashtra 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 Maharashtra MCLR rates for different tenors range from 6.80% to 7.30%.
  • 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 Maharashtra 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 Maharashtra 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 Maharashtra 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 Maharashtra with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Bank of Maharashtra.
  • MCLR rate can be revised by Bank of Maharashtra every month. However, 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 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 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, 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 Maharashtra MCLR Rates with Other Banks

About Bank of Maharashtra

  • Bank of Maharashtra's registered office is located at 1501, Lokmangal, Shivajinagar, Pune, Maharashtra-411005 .
  • Bank of Maharashtra's management is led by its CEO Mr. A. S. Rajeev.
  • Its current Base Rate is 9.40%, which was last revised on 07th Jan 20.

FAQs

What is the MCLR of Bank of Maharashtra?

Bank of Maharashtra MCLR ranges between 6.80% to 7.30% for a tenure ranging between 1 month to 5 years.

What is the current Bank of Maharashtra MCLR rate?

Current Bank of Maharashtra, overnight tenure is 6.80%, 1 month mclr is 6.90% , three month mclr is 7.20%, six month mclr is 7.25%, one year tenure is 7.30% and two year tenure is 0.00%.

What is Bank of Maharashtra base rate?

Currently, Bank of Maharashtra offers loans at a base rate of 9.40%.


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Bank Maharashtra News - Jul 2021
  • 2021-02-10 : Revised MCLR rates for Bank of Maharashtra
    Bank of Maharashtra revised its MCLR for February. The overnight MCLR stands is 6.80%. MCLR for one month and three months stands at 6.90% and 7.20%, respectively. The six months MCLR stands at 7.25% and MCLR for one year is 7.30%.
  • 2020-09-14 : Bank of Maharashtra changed its MCLR for September month
    Bank of Maharashtra revised its MCLR. The overnight MCLR stands at 6.80%. MCLR for one month and three months stands at 7% and 7.20%, respectively. The six months MCLR stands at 7.25% and MCLR for one year is 7.30%. The revised rates are in effect from 7 September 2020.
  • 2020-06-09 : Bank of Maharashtra changed its MCLR
    Bank of Maharashtra revised its MCLR. The overnight MCLR stands at 7.20%. MCLR for one month and three months stands at 7.30% and 7.40%, respectively. The six months MCLR stands at 7.50% and MCLR for one year is 7.70%. The revised rates are in effect from 8 June 2020.
  • 2020-05-08 : Bank of Maharashtra changed its MCLR
    Bank of Maharashtra revised its MCLR. The overnight MCLR stands at 7.40%. MCLR for one month and three months stands at 7.50% and 7.60%, respectively. The six months MCLR stands at 7.70% and MCLR for one year is 7.90%. The revised rates are in effect from 7 May 2020.
  • 2020-01-07 : Bank of Maharashtra cut its MCLR by 45 bps
    Bank of Maharashtra has revised its MCLR. The overnight rate is 7.60 which was earlier set at 8.05%. MCLR for One-month and three months MCLR is 7.70% and 7.75%, respectively. The six months MCLR stands at 7.9% and MCLR for one year is 8.25% . The revised rates are in effect from 7 January 2020.
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