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Central Bank of India MCLR Rates, Central Bank of India Base Rate – Jul 2021

Central Bank of India MCLR Rate

Last Updated 10th Jun 2021

Current MCLR rate of Central Bank of India ranges from 6.55% to 7.10% varying by reset frequency of the loan. Central Bank of India 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 Central Bank Rate Today
Overnight 6.55%
1 Month 6.55%
3 Month 6.85%
6 Month 7.00%
1 Year 7.10%
Central Bank Base Rate 8.70%
Apply for Home Loan @ 6.65% *

Central Bank of India Interest Rates

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

Home Loan Interest Rates 6.85% * Floating Detail
Loan Against Property Rates 13.75% * Floating Detail
Car Loan Interest Rates 7.25% to 7.70% Detail
Fixed Deposit Interest Rates 2.75% to 5.10% Detail
RD Interest Rates 6.20% to 7.00% Detail

MCLR of Central Bank of India

Central Bank of India revises its MCLR rate on a monthly basis. Latest MCLR rates of Central Bank of India as announced on 10 May 2021 are:

  • Overnight MCLR Rate is 6.55%.
  • 1 Month MCLR Rate is 6.55%.
  • 3 Month MCLR Rate is 6.85%.
  • 6 Month MCLR Rate is 7.00%.
  • 1 Year MCLR Rate is 7.10%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Central Bank of India MCLR Rate Trend

Date Central Bank of India MCLR
10th May 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
10th Apr 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
15th Feb 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
15th Jan 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
15th Dec 20 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
15th Oct 20 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
15th Sep 20 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
15th Aug 20 Overnight : 6.60%
1 Month : 6.60%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.15%
  • Effective 1st April 2016, Central Bank of India 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. Central Bank of India MCLR rates for different tenors range from 6.55% to 7.10%.
  • 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, Central Bank of India 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, Central Bank of India 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%, Central Bank 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 Central Bank of India with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Central Bank of India.
  • MCLR rate can be revised by Central Bank of India every month. However, 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 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.

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, 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 Central Bank of India MCLR Rates with Other Banks

About Central Bank of India

  • Central Bank of India's registered office is located at Central Bank Of India, Chander Mukhi, Nariman Point, Mumbai-400021 .
  • Central Bank of India's management is led by its CEO Mr. Pallav Mohapatra.
  • Its current Base Rate is 8.70%, which was last revised on 15th Dec 20.

FAQs

What is the MCLR of Central Bank of India?

Central Bank of India MCLR ranges between 6.55% to 7.10% for a tenure ranging between 1 month to 5 years.

What is the current Central Bank of India MCLR rate?

Current Central Bank of India, overnight tenure is 6.55%, 1 month mclr is 6.55% , three month mclr is 6.85%, six month mclr is 7.00%, one year tenure is 7.10% and two year tenure is 0.00%.

What is Central Bank of India base rate?

Currently, Central Bank of India offers loans at a base rate of 8.70%.


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Central Bank News - Jul 2021
  • 2021-05-13 : Revised Marginal cost of lending rates for Central Bank of India
    With effect from 10 May 2021, the Central Bank of India kept its marginal cost of lending rates unchanged. The overnight, 3 months and 6 months MCLR is 6.55%, 6.55% and 6.85%, respectively. Further, the rate for six months and one year stands at 7% and 7.10%, respectively.
  • 2021-03-24 : Central Bank kept its MCLR unchanged
    Central Bank of India kept its marginal cost of lending rates unchanged. The overnight, 3 months and 6 months MCLR is 6.55%, 6.55% and 6.85%, respectively. Further, the rate for six months and one year stands at 7% and 7.10%, respectively. The rates are applicable with effect from 15 March 2021.
  • 2020-10-23 : Revised MCLR for Central Bank of India
    Central Bank of India changed its MCLR. The overnight, 3 months and 6 months MCLR is 6.55%, 6.55% and 6.85%, respectively. Further, the rate for six months and one year stands at 7% and 7.10%, respectively. The revised rates are in effect from 15 October 2020
  • 2020-07-17 : Central Bank of India revised its MCLR
    Central Bank of India changed its MCLR. The overnight, 3 months and 6 months MCLR is 6.65%, 6.65% and 6.95%, respectively. Further, the rate for six months and one year stands at 7.10% and 7.20%, respectively. The revised rates are in effect from 15 July 2020
  • 2020-04-15 : Central Bank of India revised its MCLR
    Central Bank of India changed its MCLR. The overnight, 3 months and 6 months MCLR is 7.05%, 7.05% and 7.35%, respectively. Further, the lending rates for six months and one year stands at 7.50% and 7.60%, respectively. The revised rates are in effect from 15 April 2020.
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