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IDFC First Bank MCLR Rates, IDFC First Bank Base Rate – Jun 2021

IDFC First Bank MCLR Rate

Last Updated 14th Jun 2021

Current MCLR rate of IDFC First Bank ranges from 8.10% to 8.50% 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 8.10%
1 Month 8.10%
3 Month 8.20%
6 Month 8.35%
1 Year 8.50%
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 8.50% * Floating Detail
Loan Against Property Rates 11.80% * Floating Detail
Personal Loan Interest Rates 10.49% to 22.00% Detail
Business Loan Interest Rates 22.00% to 24.00% Detail
Fixed Deposit Interest Rates 2.75% to 6.00% Detail
RD Interest Rates 5.00% 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 May 2021 are:

  • Overnight MCLR Rate is 8.10%.
  • 1 Month MCLR Rate is 8.10%.
  • 3 Month MCLR Rate is 8.20%.
  • 6 Month MCLR Rate is 8.35%.
  • 1 Year MCLR Rate is 8.50%.
  • 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 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 : 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%
  • 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 8.10% to 8.50%.
  • 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

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 8.10% to 8.50% 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 8.10%, 1 month mclr is 8.10% , three month mclr is 8.20%, six month mclr is 8.35%, one year tenure is 8.50% 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%.


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IDFC First News - Jun 2021
  • 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.
  • 2019-06-12 : IDFC First Bank revises MCLR rates by 5 basis points across loan tenures
    Private sector lender, IDFC First Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for June. Now the retail loans, including home loans and mortgage loans, would become cheaper. Now for overnight and one month, the rate stands at 8.95% as against 8.90% earlier. For 3 months, the rate has been revised to 9.15% as against 9.10 earlier. While for 1 year, the rate has not , which stands at 9.50%. The revised rates are effective from June 8, 2019.
*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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