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Lakshmi Vilas Bank MCLR Rates, Lakshmi Vilas Bank Base Rate – Jun 2021

Lakshmi Vilas Bank MCLR Rate

Last Updated 12th Feb 2021

Current MCLR rate of Lakshmi Vilas Bank ranges from 9.35% to 9.75% varying by reset frequency of the loan. Lakshmi Vilas 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 Lakshmi Vilas Rate Today
Overnight 9.35%
1 Month 9.40%
3 Month 9.45%
6 Month 9.60%
1 Year 9.75%
2 Year 9.40%
Lakshmi Vilas Base Rate 10.15%

Lakshmi Vilas Bank Interest Rates

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

Home Loan Interest Rates 9.70% * Floating Detail
Loan Against Property Rates 11.00% * Floating Detail
Fixed Deposit Interest Rates 2.50% to 6.00% Detail
RD Interest Rates 2.75% to 6.00% Detail

MCLR of Lakshmi Vilas Bank

Lakshmi Vilas Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Lakshmi Vilas Bank as announced on 10 Feb 2021 are:

  • Overnight MCLR Rate is 9.35%.
  • 1 Month MCLR Rate is 9.40%.
  • 3 Month MCLR Rate is 9.45%.
  • 6 Month MCLR Rate is 9.60%.
  • 1 Year MCLR Rate is 9.75%.
  • 2 Year MCLR Rate is 9.40%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Lakshmi Vilas Bank MCLR Rate Trend

Date Lakshmi Vilas Bank MCLR
10th Feb 21 Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.60%
1 Year : 9.75%
2 Year : 9.40%
03rd Jan 21 Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.60%
1 Year : 9.90%
02nd Dec 20 Overnight : 8.85%
1 Month : 8.90%
3 Month : 9.00%
6 Month : 9.20%
1 Year : 9.50%
01st Oct 20 Overnight : 9.05%
1 Month : 9.05%
3 Month : 9.10%
6 Month : 9.20%
1 Year : 9.60%
01st Sep 20 Overnight : 9.30%
1 Month : 9.25%
3 Month : 9.30%
6 Month : 9.40%
1 Year : 9.85%
01st Aug 20 Overnight : 9.20%
1 Month : 9.30%
3 Month : 9.45%
6 Month : 9.70%
1 Year : 10.10%
01st Jul 20 Overnight : 9.65%
1 Month : 9.70%
3 Month : 9.90%
6 Month : 10.15%
1 Year : 10.65%
  • Effective 1st April 2016, Lakshmi Vilas 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. Lakshmi Vilas Bank MCLR rates for different tenors range from 9.35% to 9.75%.
  • 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, Lakshmi Vilas 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, Lakshmi Vilas 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%, Lakshmi Vilas 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 Lakshmi Vilas Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Lakshmi Vilas Bank.
  • MCLR rate can be revised by Lakshmi Vilas Bank every month. However, it is not mandatory for Lakshmi Vilas 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.

Lakshmi Vilas Bank Home Loan Interest Rate and MCLR

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

About Lakshmi Vilas Bank

  • Lakshmi Vilas Bank's registered office is located at LVB House,4/1,Sardar Patel Road, guindy,Chennai - 600032 Tamil Nadu, INDIA.
  • Lakshmi Vilas Bank's management is led by its CEO Mr. Subramanian Sundar.
  • Its current Base Rate is 10.15%, which was last revised on 08th May 17.

FAQs

What is the MCLR of Lakshmi Vilas Bank?

Lakshmi Vilas Bank MCLR ranges between 9.35% to 9.75% for a tenure ranging between 1 month to 5 years.

What is the current Lakshmi Vilas Bank MCLR rate?

Current Lakshmi Vilas Bank, overnight tenure is 9.35%, 1 month mclr is 9.40% , three month mclr is 9.45%, six month mclr is 9.60%, one year tenure is 9.75% and two year tenure is 9.40%.

What is Lakshmi Vilas Bank base rate?

Currently, Lakshmi Vilas Bank offers loans at a base rate of 10.15%.


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Lakshmi Vilas News - Jun 2021
  • 2021-02-12 : Lakshmi Vilas Bank revised its MCLR
    With effect from 10 February 2021, Lakshmi Vilas Bank revised its MCLR. The overnight MCLR is 9.35%, and the one-month MCLR is 9.40%. The three months, six months, and one-year MCLR is 9.45%, 9.60% and 9.75%, respectively.
  • 2021-01-22 : New MCLR for Lakshmi Vilas Bank
    With effect from 3 January 2021, Lakshmi Vilas Bank revised its MCLR. The overnight MCLR is 9.35%, and one-month MCLR is 9.40%. The three months, six months and one-year MCLR is 9.45%, 9.60% and 9.90%, respectively.
  • 2020-09-09 : Lakshmi Vilas Bank changed MCLR
    Lakshmi Vilas Bank revised its MCLR. The overnight MCLR is 9.30%, and one-month MCLR is 9.25%. The three months, six months and one-year MCLR is 9.30%, 9.40% and 9.85%, respectively. The revised rates are in effect from 1 September 2020.
  • 2020-07-03 : Lakshmi Vilas Bank revised MCLR
    Lakshmi Vilas Bank revised its MCLR. The overnight MCLR is 9.65%, and one-month MCLR is 9.70%. The three months, six months and one-year MCLR is 9.90%, 10.15% and 10.65%, respectively. The revised rates are in effect from 1 July 2020.
  • 2020-04-03 : Lakshmi Vilas Bank revised MCLR
    Lakshmi Vilas Bank revised its lending rate. The overnight MCLR is 10.35%, and one-month MCLR is 10.40%. The three months, six months and one-year MCLR is 10.50%, 10.60% and 10.85%, respectively. The revised rates are in effect from 1 April 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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