- MyLoanCare
- PLR/MCLR Rate
- Idfc First Bank
IDFC First Bank MCLR Rates, IDFC First Bank Base Rate – May 2022
IDFC First Bank MCLR Rate
Current MCLR rate of IDFC First Bank ranges from 7.70% to 8.35% varying by reset frequency of the loan. IDFC First 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 | IDFC First Rate Today |
---|---|
Overnight | 7.70% |
1 Month | 7.70% |
3 Month | 7.85% |
6 Month | 8.10% |
1 Year | 8.35% |
IDFC First Base Rate | 9.50% |
IDFC First Bank Interest Rates
IDFC First Bank offers the following loans to its customer on these rates currently:
Home Loan Interest Rates | 6.50% * Floating | Detail |
Loan Against Property Rates | 8.00% * Floating | Detail |
Personal Loan Interest Rates | 10.49% to 22.00% | Detail |
Business Loan Interest Rates | 19.00% | Detail |
Fixed Deposit Interest Rates | 3.85% to 6.05% | Detail |
RD Interest Rates | 3.25% to 6.00% | Detail |
MCLR of IDFC First Bank
IDFC First Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of IDFC First Bank as announced on 08 Apr 2022 are:
- Overnight MCLR Rate is 7.70%.
- 1 Month MCLR Rate is 7.70%.
- 3 Month MCLR Rate is 7.85%.
- 6 Month MCLR Rate is 8.10%.
- 1 Year MCLR Rate is 8.35%.
- 2 Year MCLR Rate is 0.00%.
- 3 Year MCLR Rate is 0.00%.
- 5 Year MCLR Rate is 0.00%.
IDFC First Bank MCLR Rate Trend
Date | IDFC First Bank MCLR |
---|---|
08th Apr 22 | Overnight : 7.70% 1 Month : 7.70% 3 Month : 7.85% 6 Month : 8.10% 1 Year : 8.35% |
08th Mar 22 | Overnight : 7.75% 1 Month : 7.75% 3 Month : 7.85% 6 Month : 8.10% 1 Year : 8.35% |
08th Jan 22 | Overnight : 7.85% 1 Month : 7.85% 3 Month : 7.95% 6 Month : 8.15% 1 Year : 8.35% |
08th Dec 21 | Overnight : 7.90% 1 Month : 7.90% 3 Month : 8.00% 6 Month : 8.20% 1 Year : 8.40% |
08th Nov 21 | Overnight : 7.90% 1 Month : 7.90% 3 Month : 8.00% 6 Month : 8.20% 1 Year : 8.35% |
08th Oct 21 | Overnight : 7.85% 1 Month : 7.85% 3 Month : 7.95% 6 Month : 8.15% 1 Year : 8.30% |
08th Sep 21 | Overnight : 7.85% 1 Month : 7.85% 3 Month : 7.95% 6 Month : 8.15% 1 Year : 8.30% |
08th Jun 21 | Overnight : 7.90% 1 Month : 7.90% 3 Month : 7.95% 6 Month : 8.10% 1 Year : 8.25% |
08th May 21 | Overnight : 8.10% 1 Month : 8.10% 3 Month : 8.20% 6 Month : 8.35% 1 Year : 8.50% |
08th Apr 21 | Overnight : 8.10% 1 Month : 8.10% 3 Month : 8.15% 6 Month : 8.35% 1 Year : 8.45% |
08th Mar 21 | Overnight : 8.05% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.30% 1 Year : 8.40% 2 Year : 8.80% 3 Year : 9.20% |
08th Feb 21 | Overnight : 7.80% 1 Month : 7.80% 3 Month : 7.90% 6 Month : 8.10% 1 Year : 8.35% |
08th Feb 21 | Overnight : 8.20% 1 Month : 8.20% 3 Month : 8.30% 6 Month : 8.45% 1 Year : 8.50% 2 Year : 9.00% 3 Year : 9.40% |
08th Jan 21 | Overnight : 8.25% 1 Month : 8.25% 3 Month : 8.35% 6 Month : 8.50% 1 Year : 8.55% 2 Year : 9.05% 3 Year : 9.45% |
08th Dec 20 | Overnight : 8.25% 1 Month : 8.25% 3 Month : 8.35% 6 Month : 8.50% 1 Year : 8.55% 2 Year : 9.05% 3 Year : 9.45% |
08th Oct 20 | Overnight : 8.40% 1 Month : 8.40% 3 Month : 8.50% 6 Month : 8.65% 1 Year : 8.70% 2 Year : 9.10% 3 Year : 9.50% |
08th Sep 20 | Overnight : 8.65% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.85% 1 Year : 8.95% 2 Year : 9.25% 3 Year : 9.60% |
08th Aug 20 | Overnight : 8.65% 1 Month : 8.65% 3 Month : 8.70% 6 Month : 8.85% 1 Year : 8.95% 2 Year : 9.20% 3 Year : 9.45% |
08th Jul 20 | Overnight : 8.80% 1 Month : 8.80% 3 Month : 8.90% 6 Month : 9.05% 1 Year : 9.15% 2 Year : 9.50% 3 Year : 9.70% |
08th Jun 20 | Overnight : 8.90% 1 Month : 8.90% 3 Month : 9.00% 6 Month : 9.10% 1 Year : 9.20% 2 Year : 9.50% 3 Year : 9.70% |
08th May 20 | Overnight : 9.05% 1 Month : 9.05% 3 Month : 9.15% 6 Month : 9.25% 1 Year : 9.35% 2 Year : 9.70% 3 Year : 9.85% |
08th Apr 20 | Overnight : 9.05% 1 Month : 9.05% 3 Month : 9.15% 6 Month : 9.25% 1 Year : 9.35% 2 Year : 9.65% 3 Year : 9.80% |
08th Mar 20 | Overnight : 9.10% 1 Month : 9.10% 3 Month : 9.15% 6 Month : 9.25% 1 Year : 9.35% 2 Year : 9.65% 3 Year : 9.80% |
08th Feb 20 | Overnight : 9.05% 1 Month : 9.05% 3 Month : 9.10% 6 Month : 9.20% 1 Year : 9.30% 2 Year : 9.60% 3 Year : 9.75% |
08th Jan 20 | Overnight : 9.00% 1 Month : 9.00% 3 Month : 9.10% 6 Month : 9.20% 1 Year : 9.30% 2 Year : 9.55% 3 Year : 9.70% |
08th Dec 19 | Overnight : 9.00% 1 Month : 9.00% 3 Month : 9.10% 6 Month : 9.20% 1 Year : 9.30% 2 Year : 9.50% 3 Year : 9.65% |
08th Nov 19 | Overnight : 9.00% 1 Month : 9.00% 3 Month : 9.10% 6 Month : 9.20% 1 Year : 9.30% 2 Year : 9.45% 3 Year : 9.60% |
08th Oct 19 | Overnight : 8.95% 1 Month : 8.95% 3 Month : 9.10% 6 Month : 9.20% 1 Year : 9.35% 2 Year : 9.50% 3 Year : 9.60% |
09th Sep 19 | Overnight : 8.85% 1 Month : 8.85% 3 Month : 9.00% 6 Month : 9.15% 1 Year : 9.30% 2 Year : 9.40% 3 Year : 9.55% |
08th Aug 19 | Overnight : 8.95% 1 Month : 8.95% 3 Month : 9.15% 6 Month : 9.30% 1 Year : 9.50% 2 Year : 9.60% 3 Year : 9.70% |
08th Jul 19 | Overnight : 8.95% 1 Month : 8.95% 3 Month : 9.15% 6 Month : 9.30% 1 Year : 9.50% 2 Year : 9.60% 3 Year : 9.70% |
08th Jun 19 | Overnight : 8.95% 1 Month : 8.95% 3 Month : 9.15% 6 Month : 9.30% 1 Year : 9.50% 2 Year : 9.60% 3 Year : 9.70% |
07th May 19 | Overnight : 8.90% 1 Month : 8.90% 3 Month : 9.10% 6 Month : 9.30% 1 Year : 9.50% 2 Year : 9.60% 3 Year : 9.70% |
08th Apr 19 | Overnight : 8.55% 1 Month : 8.55% 3 Month : 8.75% 6 Month : 8.95% 1 Year : 9.20% 2 Year : 9.25% 3 Year : 9.30% |
08th Apr 19 | Overnight : 8.55% 1 Month : 8.55% 3 Month : 8.75% 6 Month : 8.95% 1 Year : 9.20% 2 Year : 9.25% 3 Year : 9.30% |
- Effective 1st April 2016, IDFC First 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. IDFC First Bank MCLR rates for different tenors range from 7.70% to 8.35%.
- 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, IDFC First 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, IDFC First 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%, IDFC First 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 IDFC First Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from IDFC First Bank.
- MCLR rate can be revised by IDFC First Bank every month. However, it is not mandatory for IDFC First 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.
IDFC First Bank Home Loan Interest Rate and MCLR
- Every floating rate loan sanctioned by IDFC First 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 IDFC First 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 IDFC First Bank
- IDFC First Bank's registered office is located at IDFC FIRST Bank Ltd KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamil Nadu, India.
- IDFC First Bank's management is led by its CEO V. Vaidyanathan.
- Its current Base Rate is 9.50%, which was last revised on 08th Apr 20.
FAQs
✅What is the MCLR of IDFC First Bank?
IDFC First Bank MCLR ranges between 7.70% to 8.35% for a tenure ranging between 1 month to 5 years.
✅What is the current IDFC First Bank MCLR rate?
Current IDFC First Bank, overnight tenure is 7.70%, 1 month mclr is 7.70% , three month mclr is 7.85%, six month mclr is 8.10%, one year tenure is 8.35% and two year tenure is 0.00%.
✅What is IDFC First Bank base rate?
Currently, IDFC First Bank offers loans at a base rate of 9.50%.
-
Home Loan
Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000
Apply Now -
Personal Loan
Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.
Check Offers -
Gold Loan
Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500
Apply Now -
Loan Against Property
Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.
Apply Now -
Business Loan
Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.
Apply Now -
Fixed Deposit
AAA rated FDs with returns as high as 7.05%.
Invest Now
- 2021-11-09 : IDFC First Bank Changes Marginal Cost of Lending Rates
IDFC First Bank has revised the MCLR for different tenures. For overnight and one month, MCLR is 7.90. MCLR stands at 8.00%, 8.20%, and 8.35% for three months, six months, and one year. - 2021-05-13 : IDFC First Bank revised its MCLR for the month of May
IDFC First Bank revised its MCLR with effect from 10 May 2021. The marginal cost of lending rates for overnight and one month is 8.10%. The three months and six months MCLR is 8.20% and 8.35%. Further, the MCLR for one year stands at 8.50%. - 2021-02-12 : IDFC First Bank revised its MCLR
IDFC First Bank revised its MCLR with effect from 8 February 2021. The rate for overnight and one-month is 8.20%. The three months and six months MCLR is 8.30% and 8.45%. Further, the MCLR for one year, two years and three years stands at 8.50%, 9% and 9.40%, respectively. - 2020-10-15 : New MCLR for IDFC First Bank
With effect from 8 October 2020, IDFC First Bank revised its MCLR. The lending rate for overnight and one-month is 8.40%. The three months and six months MCLR is 8.50% and 8.65%. Further, the MCLR for one year, two years and three years stands at 8.70%, 9.10% and 9.50%, respectively. - 2020-03-11 : IDFC First Bank revised its MCLR
With effect from 8 March 2020, IDFC First Bank changed its MCLR. The lending rate for overnight and one-month is 9.10%. The three months and six months MCLR is 9.15% and 9.25%. Further, the MCLR for one year, two years and three years stands at 9.35%, 9.65% and 9.80%, respectively.
