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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%
Apply for Home Loan @ 6.65% *

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%
  • 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

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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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