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Fincare Small Finance Bank MCLR Rates, Fincare Small Finance Bank Base Rate – Jul 2021

Fincare Small Finance Bank MCLR Rate

Last Updated 09th Mar 2021

Current MCLR rate of Fincare Small Finance Bank ranges from 13.85% to 14.40% varying by reset frequency of the loan. Fincare Small Finance 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 Fincare Bank Rate Today
Overnight 13.85%
1 Month 13.90%
3 Month 13.95%
6 Month 14.15%
1 Year 14.25%
2 Year 14.40%
Fincare Bank Base Rate -
Apply for Home Loan @ 6.65% *

Fincare Small Finance Bank Interest Rates

Fincare Small Finance Bank offers the following loans to its customer on these rates currently:

Gold Loan Interest Rates 10.99% to 24.99% Detail
Fixed Deposit Interest Rates 3.00% to 6.50% Detail
RD Interest Rates 6.50% to 9.00% Detail

MCLR of Fincare Small Finance Bank

Fincare Small Finance Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Fincare Small Finance Bank as announced on 15 Nov 2020 are:

  • Overnight MCLR Rate is 13.85%.
  • 1 Month MCLR Rate is 13.90%.
  • 3 Month MCLR Rate is 13.95%.
  • 6 Month MCLR Rate is 14.15%.
  • 1 Year MCLR Rate is 14.25%.
  • 2 Year MCLR Rate is 14.40%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Fincare Small Finance Bank MCLR Rate Trend

Date Fincare Small Finance Bank MCLR
15th Nov 20 Overnight : 13.85%
1 Month : 13.90%
3 Month : 13.95%
6 Month : 14.15%
1 Year : 14.25%
2 Year : 14.40%
15th Sep 20 Overnight : 14.15%
1 Month : 14.20%
3 Month : 14.25%
6 Month : 14.45%
1 Year : 14.55%
2 Year : 14.65%
15th Aug 20 Overnight : 14.50%
1 Month : 14.50%
3 Month : 14.60%
6 Month : 14.80%
1 Year : 14.90%
2 Year : 15.00%
  • Effective 1st April 2016, Fincare Small Finance 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. Fincare Small Finance Bank MCLR rates for different tenors range from 13.85% to 14.40%.
  • 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, Fincare Small Finance 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, Fincare Small Finance 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%, Fincare 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 Fincare Small Finance Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Fincare Small Finance Bank.
  • MCLR rate can be revised by Fincare Small Finance Bank every month. However, it is not mandatory for Fincare Small Finance 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.

Compare Fincare Small Finance Bank MCLR Rates with Other Banks

FAQs

What is the MCLR of Fincare Small Finance Bank?

Fincare Small Finance Bank MCLR ranges between 13.85% to 14.40% for a tenure ranging between 1 month to 5 years.

What is the current Fincare Small Finance Bank MCLR rate?

Current Fincare Small Finance Bank, overnight tenure is 13.85%, 1 month mclr is 13.90% , three month mclr is 13.95%, six month mclr is 14.15%, one year tenure is 14.25% and two year tenure is 14.40%.

What is Fincare Small Finance Bank base rate?

Currently, Fincare Small Finance Bank offers loans at a base rate of 0.00%.


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Fincare Bank News - Jul 2021
  • 2020-08-19 : Fincare Small Finance Bank revised its Marginal cost of lending rates
    With effect from 15 August 2020, Fincare Small Finance Bank revised its MCLR. The overnight and one-month MCLR is 14.50%. The marginal cost of lending rate for three months and six months is 14.60% and 14.80%, respectively. Further, the MCLR for one year and two years stands at 14.90% and 15.00%.
  • 2020-06-16 : Fincare Small Finance Bank changed its MCLR
    With effect from 15 June 2020, Fincare Small Finance Bank revised its MCLR. The overnight and one-month MCLR is 14.5o%. The marginal cost of lending rate for three months and six months is 14.60% and 14.80%, respectively. Further, the MCLR for one year and two years stands at 14.90% and 15.00%.
  • 2020-04-15 : New MCLR for Fincare Small Finance Bank
    With effect from 15 April 2020, Fincare Small Finance Bank revised its MCLR. The overnight and one-month MCLR is 14.55% and 14.60%, respectively. The lending rate for three months and six months is 14.70% and 14.85%, respectively. Further, the MCLR for one year and two years stands at 14.95% and 15.05%.
  • 2020-03-16 : New lending rates for Fincare Small Finance Bank
    Fincare Small Finance Bank revised its MCLR rates. The overnight and one-month MCLR is 14.60% and 14.70%. The lending rate for three months and six months is 14.80% and 14.90%. Further, the MCLR for one year and two years stands at 15% and 15.10%. The revised rates have been in effect from 15 March 2020.
*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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