IDFC First Bank MCLR Rates, IDFC First Bank Base Rate – Apr 2019

IDFC First Bank MCLR Rate

Current MCLR rate of IDFC First Bank ranges from 8.55% to 9.30% 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 tenor.

Tenure wise MCLR IDFC First Rate Today
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%
IDFC First Base Rate 9.50%

IDFC First Bank Interest Rates

IDFC First Bank Interest Rates
Home Loan Interest Rates 9.60% * Floating Detail
Loan Against Property Rates 11.80% * Floating Detail
Personal Loan Interest Rates 13.50% to 16.00% Detail
Business Loan Interest Rates 22.00% to 24.00% Detail
Fixed Deposit Interest Rates 4.00% to 8.25% Detail
RD Interest Rates 6.75% to 7.25% 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 2019 are:

  • Overnight MCLR Rate is 8.55%.
  • 1 Month MCLR Rate is 8.55%.
  • 3 Month MCLR Rate is 8.75%.
  • 6 Month MCLR Rate is 8.95%.
  • 1 Year MCLR Rate is 9.20%.
  • 2 Year MCLR Rate is 9.25%.
  • 3 Year MCLR Rate is 9.30%.

IDFC First Bank MCLR Rate Trend

Date IDFC First Bank MCLR
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 8.55% to 9.30%.
  • 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, 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 6 Month 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.

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.
  • Your loan from IDFC First Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. IDFC First Bank home loan rate is benchmarked to 6 Month MCLR Base Rate which will be repriced after 6 Month. Say, you take a loan from IDFC First at current 6 Month MCLR rate of 8.95% plus spread of 20 bps. So, the loan will initially be priced at 9.15%. Its next re-pricing will be done after 6 Month from now. If the 3 Month MCLR rate after 6 Month increases by 10 bps, the loan will be priced at 9.25% for the next period.

Compare MCLR Rate Movement

    Compare IDFC First Bank MLCR Rates with Other Banks

    About IDFC First Bank

    • IDFC First Bank's registered office is located at .
    • IDFC First Bank's management is led by its CEO .
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
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