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

South Indian Bank MCLR Rate

Last Updated 25th Jun 2021

Current MCLR rate of South Indian Bank ranges from 7.95% to 8.30% varying by reset frequency of the loan. South 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 South Indian Bank Rate Today
Overnight 7.95%
1 Month 8.00%
3 Month 8.05%
6 Month 8.10%
1 Year 8.30%
South Indian Bank Base Rate 9.75%
Apply for Home Loan @ 6.65% *

South Indian Bank Interest Rates

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

Home Loan Interest Rates 8.05% * Floating Detail
Loan Against Property Rates 9.60% * Floating Detail
Fixed Deposit Interest Rates 3.50% to 5.65% Detail
Saving Account Interest Rates 2.35% to 4.50% Detail
RD Interest Rates 5.40% to 5.50% Detail

MCLR of South Indian Bank

South Indian Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of South Indian Bank as announced on 20 Jun 2021 are:

  • Overnight MCLR Rate is 7.95%.
  • 1 Month MCLR Rate is 8.00%.
  • 3 Month MCLR Rate is 8.05%.
  • 6 Month MCLR Rate is 8.10%.
  • 1 Year MCLR Rate is 8.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

South Indian Bank MCLR Rate Trend

Date South Indian Bank MCLR
20th Jun 21 Overnight : 7.95%
1 Month : 8.00%
3 Month : 8.05%
6 Month : 8.10%
1 Year : 8.30%
20th Feb 21 Overnight : 7.90%
1 Month : 7.95%
3 Month : 8.00%
6 Month : 8.05%
1 Year : 8.20%
20th Jan 21 Overnight : 7.95%
1 Month : 7.95%
3 Month : 8.00%
6 Month : 8.05%
1 Year : 8.20%
20th Dec 20 Overnight : 7.95%
1 Month : 7.95%
3 Month : 8.00%
6 Month : 8.05%
1 Year : 8.20%
20th Nov 20 Overnight : 7.95%
1 Month : 7.95%
3 Month : 8.00%
6 Month : 8.05%
1 Year : 8.20%
20th Sep 20 Overnight : 7.80%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 8.00%
1 Year : 8.20%
20th Aug 20 Overnight : 7.85%
1 Month : 7.90%
3 Month : 7.95%
6 Month : 8.05%
1 Year : 8.25%
  • Effective 1st April 2016, South 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. South Indian Bank MCLR rates for different tenors range from 7.95% to 8.30%.
  • 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, South 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, South 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%, South 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 South Indian Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from South Indian Bank.
  • MCLR rate can be revised by South Indian Bank every month. However, it is not mandatory for South 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.

South Indian Bank Home Loan Interest Rate and MCLR

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

About South Indian Bank

  • South Indian Bank's registered office is located at The South Indian Bank Ltd., SIB House, T.B. Road Mission Quarters, Thrissur Kerala-680001 India.
  • South Indian Bank's management is led by its CEO Mr. Murali Ramakrishnan.
  • Its current Base Rate is 9.75%, which was last revised on 20th Sep 20.

FAQs

What is the MCLR of South Indian Bank?

South Indian Bank MCLR ranges between 7.95% to 8.30% for a tenure ranging between 1 month to 5 years.

What is the current South Indian Bank MCLR rate?

Current South Indian Bank, overnight tenure is 7.95%, 1 month mclr is 8.00% , three month mclr is 8.05%, six month mclr is 8.10%, one year tenure is 8.30% and two year tenure is 0.00%.

What is South Indian Bank base rate?

Currently, South Indian Bank offers loans at a base rate of 9.75%.


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South Indian Bank News - Jul 2021
  • 2021-01-22 : South India Bank revised its MCLR rates
    South Indian bank revised the Marginal Cost Lending Rates with effect from January 21, 2021. The MCLR for overnight and one month is 7.95 %. MCLR for three months, six months and one year are 8.00 %, 8.05 %, 8.20 %, respectively.
  • 2020-11-19 : South Indian Bank renews multi-tenor MCLRs
    The bank updated the Marginal Cost of Funds Based Lending Rates (MCLR) w.e.f on November 20, 2020, as follows: The MCLR for overnight and one month is 7.95 %. MCLR for three months, six months and one year are 8.00 %, 8.05 %, 8.20 % respectively.
  • 2020-08-21 : Revised marginal cost of lending rates for South Indian Bank
    South Indian Bank changed its MCLR. The overnight and one-month MCLR is 7.85% and 7.90%, respectively. MCLR for three months, six months and one year stand at 7.95%, 8.05% and 8.25%, respectively. The revised rates are effective from 20 August 2020.
  • 2020-04-20 : South Indian Bank revised MCLR.
    South Indian Bank changed its MCLR. The overnight and one-month MCLR is 8.15% and 8.20%, respectively. MCLR for three months, six months and one year stand at 8.30%, 8.50% and 8.85%, respectively. The revised rates are effective from 20 April 2020.
  • 2020-03-20 : South Indian Bank revised its MCLR
    South Indian Bank revised its MCLR. The overnight MCLR is 8.20%. The one month and three months lending rate is 8.25% and 8.35%, respectively. Further, the MCLR for six months and one year lies at 8.55% and 8.90%, 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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