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Corporation Bank MCLR Rates, Corporation Bank Base Rate – Jun 2017

Last Updated 15th Jun 2017

Corporation Bank MCLR Rate – Current Rate, Past Trend

Current MCLR of Corporation Bank ranges from 8.15% to 8.75% depending on the reset frequency of the loan. Rates are revised every month.

Corporation Bank MCLR, Base Rate Tenure
8.15% Overnight
8.15% 1 Month
8.25% 3 Month
8.65% 6 Month
8.75% 1 Year
Base rate - 9.65% Past Trend
Corporation Bank Interest Rates
Home Loan Interest Rates 8.85% * Floating Detail
Loan Against Property Rates 11.20% * Floating Detail
Personal Loan Interest Rates 12.75% * Detail
Fixed Deposit Interest Rates 5.00% to 6.60% * Detail

Past Trend MCLR Rate of Corporation Bank

Corporation Bank MCLR 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
15th Jun 17
8.15%
8.15%
8.25%
8.65%
8.75%
-
-
-
15th May 17
8.20%
8.20%
8.30%
8.65%
8.75%
-
-
-
15th Apr 17
8.25%
8.25%
8.30%
8.65%
8.75%
-
-
-
01st Mar 17
8.25%
8.25%
8.30%
8.65%
8.75%
-
-
-
01st Feb 17
8.30%
8.30%
8.35%
8.65%
8.75%
-
-
-
02nd Jan 17
8.35%
8.35%
8.40%
8.65%
8.75%
-
-
-
01st Dec 16
9.00%
9.15%
9.20%
9.35%
9.45%
-
-
-
01st Nov 16
9.00%
9.10%
9.25%
9.35%
9.45%
-
-
-
01st Oct 16
9.05%
9.15%
9.30%
9.40%
9.50%
-
-
-
01st Sep 16
8.95%
9.10%
9.30%
9.45%
9.50%
-
-
-
01st Aug 16
8.95%
9.10%
9.35%
9.45%
9.55%
-
-
-
01st Jul 16
9.00%
9.15%
9.40%
9.50%
9.55%
-
-
-
01st Jun 16
9.00%
9.20%
9.40%
9.50%
9.55%
-
-
-
01st May 16
9.00%
9.20%
9.40%
9.50%
9.55%
-
-
-

Corporation Bank MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Corporation Bank 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. Corporation Bank has different MCLR base rates ranging from 8.15% to 8.75% for different tenures

Changes in MCLR of Corporation Bank

  • MCLR rate can be revised by Corporation Bank every month
  • Note that 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

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, 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 Corporation Bank 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 Corporation Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.55%. This loan will initially be priced at 10.05%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.3%, the loan will be priced at 9.8% for the next year

Past trend of Corporation Bank Base Rate vs RBI Repo Rate

Date RBI Rates Bank Rates
08th Feb 17 0%
07th Dec 16 0%
04th Oct 16 0.25%
05th Apr 16 0.25%
08th Oct 15 9.70% 0.2%
29th Sep 15 0.5%
24th Aug 15 9.90% 0.1%
02nd Jun 15 0.25%
01st Jun 15 10.00% 0.25%
04th Mar 15 0.25%
15th Jan 15 0.25%
28th Jan 14 0.25%
18th Dec 13 0%
29th Oct 13 0.25%
20th Sep 13 0.25%
03rd May 13 0.25%
19th Mar 13 0.25%
06th Feb 13 10.25% 0.25%
29th Jan 13 0.25%
01st May 12 10.50% 0.15%
17th Apr 12 0.5%
25th Oct 11 0.25%
16th Sep 11 0.25%
01st Aug 11 10.65% 0.4%
26th Jul 11 0.5%
01st Jul 11 10.25% 0.35%
16th Jun 11 0.25%
17th May 11 9.90% 0.5%
03rd May 11 0.5%
17th Mar 11 0.25%
14th Feb 11 9.40% 0.5%
25th Jan 11 0.25%
03rd Jan 11 8.90% 0.65%
08th Nov 10 8.25% 0.5%
02nd Nov 10 0.25%
16th Sep 10 0.25%
27th Jul 10 0.25%
02nd Jul 10 0.25%
01st Jul 10 7.75%

Corporation Bank Base Rate Vs. RBI Repo Rate Trend

About Corporation Bank

  • Corporation Bank is a Public Sector Bank in India with 2,298 branches, 2,933 ATM's across the country.
  • Corporation Bank's registered office is located at Corporation Bank, Mangaladevi Temple Road, Pandeshwar, Mangalore-575001 .
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 4,070 crs. and Standalone net profit of Rs. 584 crs. Corporation Bank reported total deposits of Rs. 199,346 crs and total advances of Rs. 145,066 crs.
  • Corporation Bank's management is led by its CEO Mr. Sadhu Ram Bansal.
  • Its current Base Rate is 9.65%, which was last revised on 08th Oct 15.
Corporation Bank Base Rate, PLR
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