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Corporation Bank MCLR Rates, Corporation Bank Base Rate – Jul 2021

Corporation Bank MCLR Rate

Last Updated 16th Jul 2021

Current MCLR rate of Corporation Bank ranges from 6.60% to 7.25% varying by reset frequency of the loan. Corporation Bank 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 Corporation Rate Today
Overnight 6.60%
1 Month 6.70%
3 Month 6.90%
6 Month 7.05%
1 Year 7.20%
2 Year 7.25%
3 Year 7.25%
Corporation Base Rate 8.35%

Corporation Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Corporation Bank.

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Corporation Bank Interest Rates

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

Home Loan Interest Rates 6.80% * Floating Detail
Loan Against Property Rates 11.35% * Floating Detail
Personal Loan Interest Rates 8.90% to 13.00% Detail
Car Loan Interest Rates 7.40% to 7.50% Detail
Business Loan Interest Rates 13.55% to 14.55% Detail
Fixed Deposit Interest Rates 3.00% to 5.60% Detail
RD Interest Rates 6.50% to 6.80% Detail

MCLR of Corporation Bank

Corporation Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Corporation Bank as announced on 11 May 2021 are:

  • Overnight MCLR Rate is 6.60%.
  • 1 Month MCLR Rate is 6.70%.
  • 3 Month MCLR Rate is 6.90%.
  • 6 Month MCLR Rate is 7.05%.
  • 1 Year MCLR Rate is 7.20%.
  • 2 Year MCLR Rate is 7.25%.
  • 3 Year MCLR Rate is 7.25%.
  • 5 Year MCLR Rate is 0.00%.

Corporation Bank MCLR Rate Trend

Date Corporation Bank MCLR
11th May 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.25%
3 Year : 7.25%
11th Feb 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Jan 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Dec 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Oct 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Sep 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Aug 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.40%
3 Year : 7.45%
  • Effective 1st April 2016, Corporation Bank 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. Corporation Bank MCLR rates for different tenors range from 6.60% to 7.25%.
  • 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, Corporation Bank 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, Corporation Bank 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%, Corporation 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 Corporation Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Corporation Bank.
  • MCLR rate can be revised by Corporation Bank every month. However, it is not mandatory for Corporation Bank 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.

Corporation Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Corporation Bank 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 Corporation Bank MCLR Rates with Other Banks

About Corporation Bank

  • Corporation Bank's registered office is located at Corporation Bank, Mangaladevi Temple Road, Pandeshwar, Mangalore-575001 .
  • Corporation Bank's management is led by its CEO Mr. P V Bharathi.
  • Its current Base Rate is 8.35%, which was last revised on 11th Oct 20.

FAQs

What is the MCLR of Corporation Bank?

Corporation Bank MCLR ranges between 6.60% to 7.25% for a tenure ranging between 1 month to 5 years.

What is the current Corporation Bank MCLR rate?

Current Corporation Bank, overnight tenure is 6.60%, 1 month mclr is 6.70% , three month mclr is 6.90%, six month mclr is 7.05%, one year tenure is 7.20% and two year tenure is 7.25%.

What is Corporation Bank base rate?

Currently, Corporation Bank offers loans at a base rate of 8.35%.


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Corporation News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2020-02-17 : Corporation Bank revised its MCLR
    Corporation Bank changed its MCLR. The overnight, one-month and three months rate is 7.55%, 7.60% and 8.10%. Further, the lending rate for six months and one year is 8.25% and 8.40%, respectively. The revised rates are in effect from February 15 2020.
  • 2020-01-15 : MCLR for Corporation Bank remains the same for January month
    Corporation Bank kept its MCLR unchanged. The overnight MCLR is 7.60%. The one-month, three months and six months MCLR is 7.75%, 8.20% and 8.35%, respectively. Further, the lending rate for one year stands at 8.50%. The revised rates are in effect from 15 January 2020.
  • 2019-06-20 : Corporation Bank cuts one-year MCLR by five bps to 8.85%
    Corporation Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenor loan by 5 basis points to 8.85%. The move is supposed to make customer loans like home, auto, and personal loans cheaper. The six-month MCLR now stands at 8.80% as compared to 8.85% earlier. MCLR for other tenors has been kept unchanged. The revised rates are effective from June 15, 2019.
  • 2019-05-21 : Corporation Bank revises MCLR rates across loan tenure
    Corporation Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month, the rate stands at 8.05% and 8.20% respectively. For 3 months, the rate has been revised to 8.50%. While for 1 year the rate now stands at 8.90%. The revised rates are effective from May 15, 2019.
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