Central Bank of India Base Rate, Central Bank of India MCLR Base Rate Past Trend

Current Central Bank of India MCLR Base Rate

Last Updated 28th Nov 2016
Tenure Base Rate, MCLR
Overnight 8.90%
1 Month 9.20%
3 Month 9.25%
6 Month 9.30%
1 Year 9.35%
Current MCLR base rate of Central Bank of India ranges from 8.90% to 9.35% depending on the reset frequency of the loan. Rates are revised every month.
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  • Home Loan Interest Rates - 9.7% * Floating Detail
    Interest Rate :
    9.7%
    Lowest EMI :
    Rs. 855 per lakh
    Tenure :
    Max 30 years
    Processing Fee :
    0.50% and Max Rs. 20,000
    Age :
    Max 60 years for salaried
    Prepayment Charges :
    Allowed with nil charges for floating rate loans
  • Loan Against Property Rates - 12.2% * Floating Detail
    Interest Rate :
    12.2%
    Lowest EMI :
    Rs. 1,446 per lakh
    Tenure :
    Max 10 years
    Processing Fee :
    0.50% and Max Rs. 20,000
    Age :
    Max 60 years for salaried
    Prepayment Charges :
    Allowed with nil charges for floating rate loans
  • Fixed Deposit Interest Rates - 5.00% to 7.40% *Detail
    30 Days :
    5.00%
    45 Days :
    5.50%
    60 Days :
    6.50%
    90 Days :
    6.50%
    120 Days :
    6.50%
    6 Months :
    7.00%
    9 Months :
    7.00%
    12 Months :
    7.40%
    18 Months :
    7.40%
    2 Year :
    7.40%
    3 Year :
    7.25%
    4 Year :
    7.25%
    5 Year :
    7.25%
    7 Year :
    7.25%
    10 Year :
    7.25%
    Last Revised Date :
    28th Nov 2016

Past Trend Base Rate of Central Bank of India

SBI base 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
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 base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Central Bank of India decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base 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 8.90% to 9.35% for different tenures

Changes in MCLR Base rate 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 base 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 Base Rate
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
08th Oct 15 9.70% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
08th Jun 15 9.95% increased by 1.95%
02nd Jun 15: 0.25% repo cut by RBI
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
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
19th Aug 13 10.25%
15th 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
01st Aug 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
09th 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
05th 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
20th 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%

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.
  • Highest fixed deposit interest offered by Central Bank of India is 7.40% per annum on deposits.
  • Its current Base Rate is 9.70%, which was last revised on 08th Oct 15.
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News - Dec 2016
01st Aug 16 Central Bank of India reduces MCLR by 0.05 percent
Central Bank of India has reduced its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This has reduced its one-year MCLR to 9.35 percent, from the current rate of 9.4 percent . The month MCLR is reduced to 9.3 percent and 3 month MCLR is reduced to 9.25 percent. Overnight MCLR has been reduced to 8.9 percent , while 1 month MCLR has remained same at 9.2 percent. The new MCLR is effective from August 1,2016. This rate cut of the bank will lead to lower interest rates on home loan, car loan, personal loan, etc, for loans taken under floating rate schemes. However, borrowers who have taken a loan at fixed rate, will not be benefitted by this reduction.
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