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Federal Bank MCLR Rates, Federal Bank Base Rate – Jul 2021
Federal Bank MCLR Rate
Last Updated 25th Jun 2021
Current MCLR rate of Federal Bank ranges from 7.75% to 8.00% varying by reset frequency of the loan. Federal 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 | Federal Rate Today |
|---|---|
| Overnight | 7.75% |
| 1 Month | 7.85% |
| 3 Month | 7.90% |
| 6 Month | 7.95% |
| 1 Year | 8.00% |
| Federal Base Rate | 9.63% |
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Federal Bank Interest Rates
Federal Bank offers the following loans to its customer on these rates currently:
| Home Loan Interest Rates | 7.65% * Floating | Detail |
| Loan Against Property Rates | 10.10% * Floating | Detail |
| Personal Loan Interest Rates | 10.49% to 17.99% | Detail |
| Car Loan Interest Rates | 8.50% to 8.50% | Detail |
| Gold Loan Interest Rates | 8.50% to 11.95% | Detail |
| Fixed Deposit Interest Rates | 2.50% to 5.60% | Detail |
MCLR of Federal Bank
Federal Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Federal Bank as announced on 16 Jun 2021 are:
- Overnight MCLR Rate is 7.75%.
- 1 Month MCLR Rate is 7.85%.
- 3 Month MCLR Rate is 7.90%.
- 6 Month MCLR Rate is 7.95%.
- 1 Year MCLR Rate is 8.00%.
- 2 Year MCLR Rate is 0.00%.
- 3 Year MCLR Rate is 0.00%.
- 5 Year MCLR Rate is 0.00%.
Federal Bank MCLR Rate Trend
| Date | Federal Bank MCLR |
|---|---|
| 16th Jun 21 | Overnight : 7.75% 1 Month : 7.85% 3 Month : 7.90% 6 Month : 7.95% 1 Year : 8.00% |
| 16th Jan 21 | Overnight : 7.65% 1 Month : 7.75% 3 Month : 7.80% 6 Month : 7.85% 1 Year : 7.90% |
| 16th Dec 20 | Overnight : 7.65% 1 Month : 7.75% 3 Month : 7.80% 6 Month : 7.85% 1 Year : 7.90% |
| 16th Nov 20 | Overnight : 7.75% 1 Month : 7.85% 3 Month : 7.90% 6 Month : 7.95% 1 Year : 8.00% |
| 16th Sep 20 | Overnight : 7.85% 1 Month : 7.95% 3 Month : 8.00% 6 Month : 8.05% 1 Year : 8.10% |
| 16th Aug 20 | Overnight : 7.85% 1 Month : 7.95% 3 Month : 8.00% 6 Month : 8.05% 1 Year : 8.10% |
| 16th Jul 20 | Overnight : 7.95% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.15% 1 Year : 8.20% |
| 16th Jun 20 | Overnight : 8.05% 1 Month : 8.15% 3 Month : 8.30% 6 Month : 8.35% 1 Year : 8.40% |
| 16th May 20 | Overnight : 8.15% 1 Month : 8.25% 3 Month : 8.40% 6 Month : 8.45% 1 Year : 8.50% |
| 16th Apr 20 | Overnight : 8.15% 1 Month : 8.25% 3 Month : 8.40% 6 Month : 8.50% 1 Year : 8.60% |
| 16th Mar 20 | Overnight : 8.35% 1 Month : 8.45% 3 Month : 8.60% 6 Month : 8.70% 1 Year : 8.80% |
| 16th Feb 20 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Jan 20 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Dec 19 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Nov 19 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Oct 19 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 17th Sep 19 | Overnight : 8.55% 1 Month : 8.65% 3 Month : 8.80% 6 Month : 8.90% 1 Year : 9.00% |
| 16th Aug 19 | Overnight : 8.55% 1 Month : 8.65% 3 Month : 8.80% 6 Month : 8.90% 1 Year : 9.00% |
| 16th Jul 19 | Overnight : 8.70% 1 Month : 8.80% 3 Month : 8.95% 6 Month : 9.05% 1 Year : 9.15% |
| 16th Jun 19 | Overnight : 8.70% 1 Month : 8.80% 3 Month : 8.95% 6 Month : 9.05% 1 Year : 9.15% |
| 16th May 19 | Overnight : 8.70% 1 Month : 8.80% 3 Month : 8.95% 6 Month : 9.05% 1 Year : 9.15% |
| 16th Apr 19 | Overnight : 8.70% 1 Month : 8.80% 3 Month : 8.95% 6 Month : 9.05% 1 Year : 9.15% |
| 16th Mar 19 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Feb 19 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Jan 19 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Dec 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Nov 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Oct 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Sep 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Aug 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% |
| 16th Jul 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 8.95% 6 Month : 9.05% 1 Year : 9.15% |
| 16th Jun 18 | Overnight : 8.75% 1 Month : 8.85% 3 Month : 8.95% 6 Month : 9.05% 1 Year : 9.15% |
| 16th May 18 | Overnight : 8.65% 1 Month : 8.70% 3 Month : 8.75% 6 Month : 8.85% 1 Year : 8.95% |
| 16th May 18 | Overnight : 8.65% 1 Month : 8.70% 3 Month : 8.75% 6 Month : 8.85% 1 Year : 8.95% |
| 16th Apr 18 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Mar 18 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Feb 18 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Jan 18 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Dec 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Nov 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Oct 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Sep 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Aug 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Jul 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th Jun 17 | Overnight : 8.60% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 8.90% |
| 16th May 17 | Overnight : 8.65% 1 Month : 8.70% 3 Month : 8.75% 6 Month : 8.85% 1 Year : 8.95% |
| 16th Apr 17 | Overnight : 8.70% 1 Month : 8.70% 3 Month : 8.75% 6 Month : 8.85% 1 Year : 8.95% |
| 16th Mar 17 | Overnight : 8.70% 1 Month : 8.70% 3 Month : 8.75% 6 Month : 8.85% 1 Year : 8.95% |
| 16th Feb 17 | Overnight : 8.70% 1 Month : 8.70% 3 Month : 8.75% 6 Month : 8.85% 1 Year : 8.95% |
| 16th Jan 17 | Overnight : 8.70% 1 Month : 8.75% 3 Month : 8.80% 6 Month : 8.85% 1 Year : 8.95% |
| 01st Jan 17 | Overnight : 8.90% 1 Month : 8.95% 3 Month : 9.10% 6 Month : 9.20% 1 Year : 9.30% |
| 01st Dec 16 | Overnight : 8.95% 1 Month : 9.00% 3 Month : 9.15% 6 Month : 9.25% 1 Year : 9.40% |
| 01st Nov 16 | Overnight : 9.10% 1 Month : 9.20% 3 Month : 9.30% 6 Month : 9.40% 1 Year : 9.45% |
| 01st Oct 16 | Overnight : 9.10% 1 Month : 9.43% 3 Month : 9.57% 6 Month : 9.57% 1 Year : 9.52% |
| 01st Sep 16 | Overnight : 9.10% 1 Month : 9.43% 3 Month : 9.57% 6 Month : 9.57% 1 Year : 9.52% |
| 01st Aug 16 | Overnight : 9.10% 1 Month : 9.43% 3 Month : 9.57% 6 Month : 9.57% 1 Year : 9.52% |
| 01st Jul 16 | Overnight : 9.10% 1 Month : 9.43% 3 Month : 9.57% 6 Month : 9.57% 1 Year : 9.52% |
| 01st Jun 16 | Overnight : 9.08% 1 Month : 9.41% 3 Month : 9.55% 6 Month : 9.54% 1 Year : 9.49% |
| 01st May 16 | Overnight : 9.08% 1 Month : 9.41% 3 Month : 9.55% 6 Month : 9.54% 1 Year : 9.49% |
| 01st Apr 16 | Overnight : 9.14% 1 Month : 9.47% 3 Month : 9.60% 6 Month : 9.60% 1 Year : 9.54% |
- Effective 1st April 2016, Federal 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. Federal Bank MCLR rates for different tenors range from 7.75% to 8.00%.
- 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, Federal 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, Federal 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%, Federal 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 Federal Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Federal Bank.
- MCLR rate can be revised by Federal Bank every month. However, it is not mandatory for Federal 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.
Federal Bank Home Loan Interest Rate and MCLR
- Every floating rate loan sanctioned by Federal 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 Federal Bank MCLR Rates with Other Banks
- Allahabad Bank
- Andhra Bank
- AU Small Finance Bank
- Axis Bank
- Bajaj Finserv
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Cholamandalam
- Citibank
- Corporation Bank
- DBS Bank
- DCB Bank
- Dhan Laxmi Bank
- Edelweiss
- Equitas Small Finance Bank
- ESAF Small Finance Bank
- Federal Bank
- GIC Housing Finance
- HDFC
- HDFC Bank
- HSBC Bank
- ICICI Bank
- ICICI Home Finance
- IDBI Bank
- IDFC First Bank
- IIFL
- Indiabulls
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu And Kashmir Bank
- Jana Small Finance Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Bank
- Lakshmi Vilas Bank
- LIC Housing Finance
- LT Housing Finance
- OBC
- Piramal Housing Finance
- PNB
- PNB Housing Finance
- Punjab and Sind Bank
- RBL Bank
- SBI
- South Indian Bank
- Standard Chartered Bank
- Syndicate Bank
- UCO Bank
- Ujjivan Small Finance Bank
- Union Bank of India
- United Bank of India
- Yes Bank
About Federal Bank
- Federal Bank's registered office is located at P.O.Box No.103 Federal Towers Aluva, Kerala-683101 .
- Federal Bank's management is led by its CEO Mr. Shyam Srinivasan.
- Its current Base Rate is 9.63%, which was last revised on 01st Dec 15.
FAQs
✅What is the MCLR of Federal Bank?
Federal Bank MCLR ranges between 7.75% to 8.00% for a tenure ranging between 1 month to 5 years.
✅What is the current Federal Bank MCLR rate?
Current Federal Bank, overnight tenure is 7.75%, 1 month mclr is 7.85% , three month mclr is 7.90%, six month mclr is 7.95%, one year tenure is 8.00% and two year tenure is 0.00%.
✅What is Federal Bank base rate?
Currently, Federal Bank offers loans at a base rate of 9.63%.
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Federal News - Jul 2021
- 2021-05-20 : Federal Bank revised its Marginal cost of lending rates
With effect from 16 May 2021, Federal Bank changed its MCLR. The overnight and one-month MCLR is 7.65% and 7.75%, respectively. The MCLR for three months stands at 7.80%. Further, the MCLR for six months and one year is 7.85% and 7.90%, respectively. The revised rates will impact MCLR based home loans. - 2021-01-19 : Federal Bank revised MCLR
With effect from 16 January 2021, Federal Bank changed its MCLR. The overnight and one-month MCLR is 7.65% and 7.75%, respectively. The MCLR for three months stands at 7.80%. Further, the MCLR for six months and one year is 7.85% and 7.90%, respectively. - 2020-09-22 : Revised MCLR for Federal Bank
Federal Bank changed its MCLR. The overnight and one-month MCLR is 7.85% and 7.95%, respectively. The MCLR for three months stands at 8%. Further, the MCLR for six months and one year is 8.05% and 8.10%, respectively. The revised rates are effective from 16 September 2020. - 2020-08-19 : Federal Bank revised its MCLR
Federal Bank revised its MCLR with effect from 16 August 2020. The overnight and one-month MCLR is 7.85% and 7.95%, respectively. The MCLR for three months stands at 8%. Further, the MCLR for six months and one year is 8.05% and 8.10%, respectively. - 2020-04-16 : New MCLR for Federal Bank
Federal Bank revised its MCLR with effect from 16 April 2020. The overnight and one-month MCLR is 8.15% and 8.25%, respectively. The MCLR for three months stands at 8.40%. Further, the MCLR for six months and one year is 8.50% and 8.60%, respectively.
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