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

HSBC Bank MCLR Rate

Last Updated 23rd Jun 2021

Current MCLR rate of HSBC Bank ranges from 7.00% to 7.30% varying by reset frequency of the loan. HSBC 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 HSBC Rate Today
Overnight 7.00%
1 Month 7.00%
3 Month 7.15%
6 Month 7.25%
1 Year 7.30%
HSBC Base Rate 7.70%
Apply for Home Loan @ 6.65% *

HSBC Bank Interest Rates

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

Home Loan Interest Rates 6.64% * Floating Detail
Loan Against Property Rates 9.80% * Floating Detail
Fixed Deposit Interest Rates 2.25% to 4.00% Detail

MCLR of HSBC Bank

HSBC Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of HSBC Bank as announced on 01 Feb 2021 are:

  • Overnight MCLR Rate is 7.00%.
  • 1 Month MCLR Rate is 7.00%.
  • 3 Month MCLR Rate is 7.15%.
  • 6 Month MCLR Rate is 7.25%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

HSBC Bank MCLR Rate Trend

Date HSBC Bank MCLR
01st Feb 21 Overnight : 7.00%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.30%
01st Jan 21 Overnight : 7.00%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.30%
01st Dec 20 Overnight : 7.00%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.30%
02nd Nov 20 Overnight : 7.10%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.35%
1 Year : 7.40%
01st Oct 20 Overnight : 7.15%
1 Month : 7.15%
3 Month : 7.30%
6 Month : 7.40%
1 Year : 7.45%
01st Sep 20 Overnight : 7.20%
1 Month : 7.20%
3 Month : 7.35%
6 Month : 7.45%
1 Year : 7.50%
01st Aug 20 Overnight : 7.25%
1 Month : 7.25%
3 Month : 7.40%
6 Month : 7.50%
1 Year : 7.55%
  • Effective 1st April 2016, HSBC 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. HSBC Bank MCLR rates for different tenors range from 7.00% to 7.30%.
  • 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, HSBC 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, HSBC 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%, HSBC 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 HSBC Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from HSBC Bank.
  • MCLR rate can be revised by HSBC Bank every month. However, it is not mandatory for HSBC 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.

HSBC Bank Home Loan Interest Rate and MCLR

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

About HSBC Bank

  • HSBC Bank's registered office is located at Dhana Singh Processor Premises, J.B.Nagar, Andheri-Kurla Road, Mumbai Maharashtra-400059 .
  • HSBC Bank's management is led by its CEO Mr. Surendra Rosha.
  • Its current Base Rate is 7.70%, which was last revised on 01st May 21.

FAQs

What is the MCLR of HSBC Bank?

HSBC Bank MCLR ranges between 7.00% to 7.30% for a tenure ranging between 1 month to 5 years.

What is the current HSBC Bank MCLR rate?

Current HSBC Bank, overnight tenure is 7.00%, 1 month mclr is 7.00% , three month mclr is 7.15%, six month mclr is 7.25%, one year tenure is 7.30% and two year tenure is 0.00%.

What is HSBC Bank base rate?

Currently, HSBC Bank offers loans at a base rate of 7.70%.


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HSBC News - Jul 2021
  • 2021-02-01 : HSBC Bank kept its MCLR unchanged
    HSBC Bank kept is MCLR unchanged for February 2020. The overnight and one-month MCLR is 7%. The MCLR for three months and six months is 7.15% and 7.25%. Further, the MCLR for the long tenor of 1 year is 7.30%.
  • 2020-10-06 : New MCLR for HSBC Bank
    HSBC Bank revised its MCLR with effect from 1 October 2020. The overnight and one-month MCLR is 7.15%. The MCLR for three months and six months is 7.30% and 7.40%. Further, the MCLR for the long tenor of 1 year is 7.45%.
  • 2020-09-09 : Revised lending rates for HSBC Bank
    HSBC Bank revised its lending rates with effect from 1 September. The overnight and one-month MCLR is 7.20%. The MCLR for three months and six months is 7.35% and 7.45%. Further, the MCLR for the long tenor of 1 year is 7.50%.
  • 2020-06-02 : New MCLR for HSBC Bank
    HSBC Bank revised its MCLR with effect from 1 June 2020. The overnight and one-month MCLR is 7.50%. The MCLR for three months and six months is 7.65% and 7.75%, respectively. Further, the MCLR for the long tenor of 1 year is 7.80%.
  • 2020-05-04 : New MCLR for HSBC Bank
    HSBC Bank revised its MCLR with effect from 2 May 2020. The overnight and one-month MCLR is 7.60%. The MCLR for three months and six months is 7.75% and 7.85%, respectively. Further, the MCLR for the long tenor of 1 year is 7.90%.
*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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