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

Indian Bank MCLR Rate

Last Updated 15th Jul 2021

Current MCLR rate of Indian Bank ranges from 6.90% to 7.30% varying by reset frequency of the loan. Indian 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 Indian Bank Rate Today
Overnight 6.90%
1 Month 7.05%
3 Month 7.15%
6 Month 7.20%
1 Year 7.30%
Indian Bank Base Rate 8.30%
Apply for Home Loan @ 6.65% *

Indian Bank Interest Rates

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

Home Loan Interest Rates 7.55% * Floating Detail
Loan Against Property Rates 10.50% * Floating Detail
Personal Loan Interest Rates 9.05% to 13.65% Detail
Car Loan Interest Rates 9.65% to 9.65% Detail
Fixed Deposit Interest Rates 2.90% to 5.25% Detail
Saving Account Interest Rates 3.00% to 3.00% Detail
RD Interest Rates 3.95% to 5.25% Detail

MCLR of Indian Bank

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

  • Overnight MCLR Rate is 6.90%.
  • 1 Month MCLR Rate is 7.05%.
  • 3 Month MCLR Rate is 7.15%.
  • 6 Month MCLR Rate is 7.20%.
  • 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%.

Indian Bank MCLR Rate Trend

Date Indian Bank MCLR
01st Jun 21 Overnight : 6.90%
1 Month : 7.05%
3 Month : 7.15%
6 Month : 7.20%
1 Year : 7.30%
03rd Feb 21 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Jan 21 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Dec 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Nov 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Oct 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Sep 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.30%
03rd Aug 20 Overnight : 7.05%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
  • Effective 1st April 2016, Indian 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. Indian Bank MCLR rates for different tenors range from 6.90% 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, Indian 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, Indian 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%, Indian Bank 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 Indian Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Indian Bank.
  • MCLR rate can be revised by Indian Bank every month. However, it is not mandatory for Indian 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.

Indian Bank Home Loan Interest Rate and MCLR

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

About Indian Bank

  • Indian Bank's registered office is located at 66, Rajaji Salai, Chennai 600 001, Tamil Nadu.
  • Indian Bank's management is led by its CEO Ms. Padmaja Chunduru.
  • Its current Base Rate is 8.30%, which was last revised on 03rd Jan 21.

FAQs

What is the MCLR of Indian Bank?

Indian Bank MCLR ranges between 6.90% to 7.30% for a tenure ranging between 1 month to 5 years.

What is the current Indian Bank MCLR rate?

Current Indian Bank, overnight tenure is 6.90%, 1 month mclr is 7.05% , three month mclr is 7.15%, six month mclr is 7.20%, one year tenure is 7.30% and two year tenure is 0.00%.

What is Indian Bank base rate?

Currently, Indian Bank offers loans at a base rate of 8.30%.


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Indian Bank News - Jul 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-02-09 : Indian Bank kept its MCLR unchanged
    Indian Bank kept its MCLR unchanged for february. The overnight and one-month MCLR is 7.05% and 7.10%. The MCLR for three months, six months and one year stand at 7.25%, 7.30% and 7.30%, respectively.
  • 2021-01-22 : Revised MCLR for Indian Bank
    With effect from 3 January 2021, Indian Bank revised its MCLR. The overnight and one-month MCLR is 7.05% and 7.10%. The MCLR for three months, six months and one year stand at 7.25%, 7.30% and 7.30%, respectively.
  • 2020-11-04 : Indian Bank revised its MCLR
    Indian Bank changed its MCLR. The overnight and one-month MCLR is 7.05% and 7.10%. The MCLR for three months, six months and one year stand at 7.25%, 7.30% and 7.35%, respectively. The revised rates are in effect from 3 November 2020.
  • 2020-08-07 : New MCLR for Indian Bank
    Indian Bank revised its MCLR. The overnight and one-month MCLR is 7.05% and 7.10%. The MCLR for three months, six months and one year stand at 7.25%, 7.30% and 7.35%, respectively. The revised rates are in effect from 3 August 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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