Central Bank of India MCLR Rates, Central Bank of India Base Rate – Sep 2017
Last Updated 05th Sep 2017
Central Bank of India MCLR Rate – Current Rate, Past Trend
Current MCLR of Central Bank of India ranges from 7.80% to 8.30% depending on the reset frequency of the loan. Rates are revised every month.
| Central Bank of India MCLR, Base Rate | Tenure |
|---|---|
| 7.80% | Overnight |
| 8.10% | 1 Month |
| 8.20% | 3 Month |
| 8.25% | 6 Month |
| 8.30% | 1 Year |
| Base rate - 9.70% | Past Trend |
Central Bank of India Interest Rates
| Home Loan Interest Rates | 8.50% * Floating | Detail |
| Loan Against Property Rates | 11.00% * Floating | Detail |
| Fixed Deposit Interest Rates | 4.75% to 6.60% * | Detail |
Past Trend MCLR Rate of Central Bank of India
Central Bank of India 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
01st Sep 17
7.80%
8.10%
8.20%
8.25%
8.30%
-
-
-
01st Aug 17
7.90%
8.20%
8.30%
8.35%
8.40%
-
-
-
01st Jul 17
7.90%
8.20%
8.30%
8.35%
8.40%
-
-
-
01st Jun 17
7.90%
8.20%
8.30%
8.35%
8.40%
-
-
-
01st May 17
7.90%
8.20%
8.30%
8.35%
8.40%
-
-
-
01st Apr 17
8.05%
8.35%
8.40%
8.45%
8.50%
-
-
-
01st Mar 17
8.05%
8.35%
8.40%
8.45%
8.50%
-
-
-
01st Feb 17
8.05%
8.35%
8.40%
8.45%
8.50%
-
-
-
01st Jan 17
8.05%
8.35%
8.40%
8.45%
8.50%
-
-
-
01st Dec 16
8.90%
9.20%
9.25%
9.30%
9.35%
-
-
-
01st Nov 16
8.90%
9.20%
9.25%
9.30%
9.35%
-
-
-
01st Oct 16
8.90%
9.20%
9.25%
9.30%
9.35%
-
-
-
01st Sep 16
8.90%
9.20%
9.25%
9.30%
9.35%
-
-
-
01st Aug 16
8.90%
9.20%
9.25%
9.30%
9.35%
-
-
-
01st Jul 16
8.95%
9.20%
9.30%
9.35%
9.40%
-
-
-
01st Jun 16
9.00%
9.30%
9.40%
9.45%
9.50%
-
-
-
01st Apr 16
9.10%
9.40%
9.50%
9.55%
9.60%
-
-
-
Central 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, Central 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. Central Bank of India has different MCLR base rates ranging from 7.80% to 8.30% for different tenures
Changes in MCLR of Central Bank of India
- MCLR rate can be revised by Central Bank of India every month
- Note that it is not mandatory for Central Bank of India to revise its rate every month and it may choose to retain the same rate for a longer period
Central Bank of India home loan interest rate and MCLR
- Every floating rate loan sanctioned by Central 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 Central 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 Central 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 9.60%. This loan will initially be priced at 10.1%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.35%, the loan will be priced at 9.85% for the next year
Past trend of Central Bank of India Base Rate vs RBI Repo Rate
| Date | RBI Rates | Bank Rates |
|---|---|---|
| 02nd Aug 17 | 0.25% | |
| 04th Oct 16 | 0.25% | |
| 05th Apr 16 | 0.25% | |
| 08th Oct 15 | 9.70% 0.25% | |
| 29th Sep 15 | 0.5% | |
| 08th Jun 15 | 9.95% 0.3% | |
| 02nd Jun 15 | 0.25% | |
| 04th Mar 15 | 0.25% | |
| 15th Jan 15 | 0.25% | |
| 28th Jan 14 | 0.25% | |
| 29th Oct 13 | 0.25% | |
| 20th Sep 13 | 0.25% | |
| 19th 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% 0.25% | |
| 17th Apr 12 | 0.5% | |
| 25th Oct 11 | 0.25% | |
| 16th Sep 11 | 0.25% | |
| 01st Aug 11 | 10.75% 0.75% | |
| 26th Jul 11 | 0.5% | |
| 16th Jun 11 | 0.25% | |
| 09th May 11 | 10.00% 0.5% | |
| 03rd May 11 | 0.5% | |
| 17th Mar 11 | 0.25% | |
| 05th Feb 11 | 9.50% 0.5% | |
| 25th Jan 11 | 0.25% | |
| 15th Dec 10 | 9.00% 0.5% | |
| 02nd Nov 10 | 0.25% | |
| 20th 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% |
Central Bank of India Base Rate Vs. RBI Repo Rate Trend
About Central Bank of India
- Central Bank of India is a Public Sector Bank in India with 4,689 branches, 4,835 ATM's across the country.
- Central Bank of India's registered office is located at Central Bank Of India, Chander Mukhi, Nariman Point, Mumbai-400021 .
- For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 7,247 crs. and Standalone net profit of Rs. 606 crs. Central Bank of India reported total deposits of Rs. 255,572 crs and total advances of Rs. 194,967 crs.
- Central Bank of India's management is led by its CEO Mr. Rajeev Rishi.
- Its current Base Rate is 9.70%, which was last revised on 08th Oct 15.
