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

IDBI Bank MCLR Rate

Last Updated 19th Jul 2021

Current MCLR rate of IDBI Bank ranges from 7.90% to 8.25% varying by reset frequency of the loan. IDBI 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 IDBI Rate Today
Overnight 7.90%
1 Month 7.90%
3 Month 7.95%
6 Month 8.10%
1 Year 8.25%
IDBI Base Rate 9.65%
Apply for Home Loan @ 6.65% *

IDBI Bank Interest Rates

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

Home Loan Interest Rates 6.95% * Floating Detail
Loan Against Property Rates 8.25% * Floating Detail
Personal Loan Interest Rates 12.00% to 13.50% Detail
Car Loan Interest Rates 7.50% to 8.10% Detail
Business Loan Interest Rates 12.25% to 13.50% Detail
Fixed Deposit Interest Rates 2.70% to 5.30% Detail
Saving Account Interest Rates 3.00% to 3.25% Detail
RD Interest Rates 5.75% to 5.90% Detail

MCLR of IDBI Bank

IDBI Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of IDBI Bank as announced on 08 Jun 2021 are:

  • Overnight MCLR Rate is 7.90%.
  • 1 Month MCLR Rate is 7.90%.
  • 3 Month MCLR Rate is 7.95%.
  • 6 Month MCLR Rate is 8.10%.
  • 1 Year MCLR Rate is 8.25%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

IDBI Bank MCLR Rate Trend

Date IDBI Bank MCLR
08th Jun 21 Overnight : 7.90%
1 Month : 7.90%
3 Month : 7.95%
6 Month : 8.10%
1 Year : 8.25%
12th Feb 21 Overnight : 7.05%
1 Month : 7.25%
3 Month : 7.30%
6 Month : 7.45%
1 Year : 7.80%
2 Year : 8.15%
3 Year : 8.60%
12th Jan 21 Overnight : 7.05%
1 Month : 7.25%
3 Month : 7.30%
6 Month : 7.45%
1 Year : 7.80%
2 Year : 8.15%
3 Year : 8.60%
12th Dec 20 Overnight : 7.05%
1 Month : 7.30%
3 Month : 7.35%
6 Month : 7.50%
1 Year : 7.80%
2 Year : 8.20%
3 Year : 8.60%
12th Oct 20 Overnight : 7.10%
1 Month : 7.30%
3 Month : 7.40%
6 Month : 7.50%
1 Year : 7.85%
2 Year : 8.20%
3 Year : 8.60%
12th Sep 20 Overnight : 7.35%
1 Month : 7.55%
3 Month : 7.65%
6 Month : 7.75%
1 Year : 8.10%
2 Year : 8.40%
3 Year : 8.75%
12th Aug 20 Overnight : 7.35%
1 Month : 7.55%
3 Month : 7.65%
6 Month : 7.75%
1 Year : 8.10%
2 Year : 8.40%
3 Year : 8.75%
  • Effective 1st April 2016, IDBI 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. IDBI Bank MCLR rates for different tenors range from 7.90% to 8.25%.
  • 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, IDBI 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, IDBI 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%, IDBI 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 IDBI Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from IDBI Bank.
  • MCLR rate can be revised by IDBI Bank every month. However, it is not mandatory for IDBI 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.

IDBI Bank Home Loan Interest Rate and MCLR

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

About IDBI Bank

  • IDBI Bank's registered office is located at IDBI Tower, WTC Complex, Cuffe Parade Mumbai Maharashtra-400005 .
  • IDBI Bank's management is led by its CEO Mr. Rakesh Sharma.
  • Its current Base Rate is 9.65%, which was last revised on 12th Apr 19.

FAQs

What is the MCLR of IDBI Bank?

IDBI Bank MCLR ranges between 7.90% to 8.25% for a tenure ranging between 1 month to 5 years.

What is the current IDBI Bank MCLR rate?

Current IDBI Bank, overnight tenure is 7.90%, 1 month mclr is 7.90% , three month mclr is 7.95%, six month mclr is 8.10%, one year tenure is 8.25% and two year tenure is 0.00%.

What is IDBI Bank base rate?

Currently, IDBI Bank offers loans at a base rate of 9.65%.


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IDBI News - Jul 2021
  • 2021-04-20 : IDBI Bank revised MCLR for the month of April
    With effect from 12 April 2021, IDBI Bank revised its MCLR. The overnight, one-month and three months MCLR is 7.05%, 7.15% and 7.20%, respectively. The MCLR for six months and one year is 7.40% and 7.75%. Further, the MCLR for two and three years is 8.15% and 8.60%.
  • 2021-01-22 : MCLR for IDBI Bank revised
    With effect from 12 January, IDBI Bank revised its MCLR. The overnight, one-month and three months MCLR is 7.05%, 7.25% and 7.30%, respectively. The MCLR for six months and one year is 7.45% and 7.80%. Further, the MCLR for two and three years is 8.15% and 8.60%.
  • 2020-10-21 : Revised MCLR for IDBI Bank
    IDBI Bank revised its MCLR. The overnight, one-month and three months MCLR is 7.10%, 7.30% and 7.40%, respectively. The MCLR for six months and one year is 8.50% and 8.85%. Further, the MCLR for two and three years is 8.20% and 8.60%. The revised rates have been in effect from 12 October 2020.
  • 2020-09-22 : IDBI Bank revised its MCLR
    With effect from 12 September 2020, IDBI Bank revised its marginal cost of lending rates. The overnight, one-month and three months MCLR is 7.35%, 7.55% and 7.65%, respectively. The MCLR for six months and one year is 8.75% and 8.15%. Further, the MCLR for two and three years is 8.40% and 8.75%.
  • 2020-03-13 : New MCLR for IDBI Bank
    IDBI Bank revised its lending rates. The overnight, one-month and three months MCLR is 8%, 8.10% and 8.20%, respectively. The MCLR for six months and one year is 8.35% and 8.65%. Further, the MCLR for two and three years is 8.75% and 8.90%. The revised rates have been in effect from 12 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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