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OBC MCLR Rates, OBC Base Rate – Jul 2021

OBC MCLR Rate

Last Updated 15th Jul 2021

Current MCLR rate of OBC ranges from 6.65% to 7.60% varying by reset frequency of the loan. OBC 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 OBC Rate Today
Overnight 6.65%
1 Month 6.70%
3 Month 6.80%
6 Month 7.00%
1 Year 7.30%
3 Year 7.60%
OBC Base Rate 9.50%

OBC has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on OBC.

Apply for Home Loan @ 6.65% *

OBC Interest Rates

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

Home Loan Interest Rates 7.35% * Floating Detail
Loan Against Property Rates 10.95% * Floating Detail
Car Loan Interest Rates 7.55% to 7.80% Detail
Business Loan Interest Rates 11.95% Detail
Fixed Deposit Interest Rates 3.00% to 5.30% Detail

MCLR of OBC

OBC revises its MCLR rate on a monthly basis. Latest MCLR rates of OBC as announced on 01 Jul 2021 are:

  • Overnight MCLR Rate is 6.65%.
  • 1 Month MCLR Rate is 6.70%.
  • 3 Month MCLR Rate is 6.80%.
  • 6 Month MCLR Rate is 7.00%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 7.60%.
  • 5 Year MCLR Rate is 0.00%.

OBC MCLR Rate Trend

Date OBC MCLR
01st Jul 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.80%
6 Month : 7.00%
1 Year : 7.30%
3 Year : 7.60%
01st Jun 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.80%
6 Month : 7.00%
1 Year : 7.30%
3 Year : 7.60%
01st May 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st May 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Apr 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Mar 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Feb 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
3 Year : 7.60%
01st Jan 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Dec 20 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Oct 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.15%
1 Year : 7.35%
2 Year : 7.60%
01st Sep 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.15%
1 Year : 7.35%
3 Year : 7.60%
01st Aug 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.15%
1 Year : 7.35%
3 Year : 7.60%
  • Effective 1st April 2016, OBC 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. OBC MCLR rates for different tenors range from 6.65% to 7.60%.
  • 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, OBC 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, OBC 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%, OBC 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 OBC with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from OBC.
  • MCLR rate can be revised by OBC every month. However, it is not mandatory for OBC 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.

OBC Home Loan Interest Rate and MCLR

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

About OBC

  • OBC's registered office is located at Institutional Area, Sector-32, Gurugram .
  • OBC's management is led by its CEO Mr. Mukesh Kumar Jain.
  • Its current Base Rate is 9.50%, which was last revised on 30th Jun 18.

FAQs

What is the MCLR of OBC?

OBC MCLR ranges between 6.65% to 7.60% for a tenure ranging between 1 month to 5 years.

What is the current OBC MCLR rate?

Current OBC, overnight tenure is 6.65%, 1 month mclr is 6.70% , three month mclr is 6.80%, six month mclr is 7.00%, one year tenure is 7.30% and two year tenure is 0.00%.

What is OBC base rate?

Currently, OBC offers loans at a base rate of 9.50%.


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OBC News - Jul 2021
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2020-02-10 : OBC cut its MCLR
    Oriental Bank Of Commerce Cut MCLR by 10 bps. The overnight and one-month MCLR is 7.50%. The three months and six months MCLR is 7.80% and 8%. Further, MCLR for the long tenor of one year is 8.15%. The revised rates will be effective from 10 February 2020.
  • 2020-01-10 : OBC cuts lending rates by 15 bps
    With effect from 10 January 2020, Oriental Bank Of Commerce revised its MCLR. The one-year MCLR rate stands at 8.15% which was 8.30% in the previous month. The MCLR for overnight period is 7.55%, one-month MCLR is 7.60% and three months MCLR is 7.80%. MCLR for six months stands at 8% which was 8.05% earlier. The revised rates will impact loan against property and home loans.
  • 2019-11-15 : OBC cuts MCLR rates
    Oriental Bank of Commerce has revised its Marginal Cost of Funds Based Lending Rate (MCLR) for November month. For 6-months, the MCLR stands at 8.15% as compared to 8.20% earlier. For overnight, the rate has been revised to 7.80% from 7.85% earlier. However, the rate for 1 year remains unchanged. The revised rates have been in effect from November 10, 2019.
  • 2019-10-17 : Oriental Bank of Commerce reduces MCLR by 5-10 bps
    Oriental Bank of Commerce revised its MCLR by 5-10 basis points with effect from October 10, 2019. The revised MCLR for an overnight period is 7.85%, for one month, it is 7.95%, and the MCLR for three months is 8.10%. For longer tenures of six months and one year, the revised MCLR is 8.20% and 8.35%, respectively.
*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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