4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Standard Chartered Bank MCLR Rates, Standard Chartered Bank Base Rate – Jul 2021

Standard Chartered Bank MCLR Rate

Last Updated 12th Jul 2021

Current MCLR rate of Standard Chartered Bank ranges from 6.25% to 7.55% varying by reset frequency of the loan. Standard Chartered 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 Standard Chartered Rate Today
Overnight 6.25%
1 Month 6.50%
3 Month 6.60%
6 Month 6.65%
1 Year 6.75%
2 Year 7.15%
3 Year 7.55%
Standard Chartered Base Rate 7.60%
Apply for Home Loan @ 6.65% *

Standard Chartered Bank Interest Rates

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

Home Loan Interest Rates 7.99% * Floating Detail
Loan Against Property Rates 10.10% * Floating Detail
Personal Loan Interest Rates 11.50% to 18.00% Detail
Fixed Deposit Interest Rates 1.75% to 5.40% Detail
Saving Account Interest Rates 0.50% to 3.25% Detail

MCLR of Standard Chartered Bank

Standard Chartered Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Standard Chartered Bank as announced on 08 Feb 2021 are:

  • Overnight MCLR Rate is 6.25%.
  • 1 Month MCLR Rate is 6.50%.
  • 3 Month MCLR Rate is 6.60%.
  • 6 Month MCLR Rate is 6.65%.
  • 1 Year MCLR Rate is 6.75%.
  • 2 Year MCLR Rate is 7.15%.
  • 3 Year MCLR Rate is 7.55%.
  • 5 Year MCLR Rate is 0.00%.

Standard Chartered Bank MCLR Rate Trend

Date Standard Chartered Bank MCLR
08th Feb 21 Overnight : 6.25%
1 Month : 6.50%
3 Month : 6.60%
6 Month : 6.65%
1 Year : 6.75%
2 Year : 7.15%
3 Year : 7.55%
07th Jan 21 Overnight : 6.30%
1 Month : 6.65%
3 Month : 6.95%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.25%
3 Year : 7.65%
07th Dec 20 Overnight : 6.20%
1 Month : 6.85%
3 Month : 7.20%
6 Month : 7.20%
1 Year : 7.20%
2 Year : 7.55%
3 Year : 7.95%
07th Oct 20 Overnight : 7.15%
1 Month : 8.25%
3 Month : 8.60%
6 Month : 8.60%
1 Year : 8.60%
2 Year : 8.95%
3 Year : 9.35%
07th Sep 20 Overnight : 7.00%
1 Month : 8.30%
3 Month : 8.65%
6 Month : 8.65%
1 Year : 8.65%
2 Year : 9.05%
3 Year : 9.40%
07th Aug 20 Overnight : 6.95%
1 Month : 8.35%
3 Month : 8.70%
6 Month : 8.70%
1 Year : 8.70%
2 Year : 9.10%
3 Year : 9.45%
  • Effective 1st April 2016, Standard Chartered 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. Standard Chartered Bank MCLR rates for different tenors range from 6.25% to 7.55%.
  • 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, Standard Chartered 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, Standard Chartered 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%, Standard Chartered may decide to cut its 3 Month 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 Standard Chartered Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Standard Chartered Bank.
  • MCLR rate can be revised by Standard Chartered Bank every month. However, it is not mandatory for Standard Chartered 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.

Standard Chartered Bank Home Loan Interest Rate and MCLR

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

About Standard Chartered Bank

  • Standard Chartered Bank's registered office is located at Raheja Towers, Unit # 3, Plot No. C-30, G Block Rd, G Block BKC, Bandra East, Mumbai, Maharashtra 400051.
  • Standard Chartered Bank's management is led by its CEO Mr. Zarin Daruwala.
  • Its current Base Rate is 7.60%, which was last revised on 30th Mar 21.

FAQs

What is the MCLR of Standard Chartered Bank?

Standard Chartered Bank MCLR ranges between 6.25% to 7.55% for a tenure ranging between 1 month to 5 years.

What is the current Standard Chartered Bank MCLR rate?

Current Standard Chartered Bank, overnight tenure is 6.25%, 1 month mclr is 6.50% , three month mclr is 6.60%, six month mclr is 6.65%, one year tenure is 6.75% and two year tenure is 7.15%.

What is Standard Chartered Bank base rate?

Currently, Standard Chartered Bank offers loans at a base rate of 7.60%.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Standard Chartered News - Jul 2021
  • 2021-02-12 : Standard Chartered revised its MCLR
    Standard chartered revised its MCLR rates. The overnight and one-month MCLR is 6.25% and 6.50%. The three months, six months and one-year lending rate is 6.60%, 6.65%, 6.75%, respectively. Further, MCLR for the long tenors of two years and three years is 7.15% and 7.55%, respectively. The revised rates have been in effect from 8 February 2021.
  • 2021-01-22 : Revised MCLR for Standard Chartered Bank
    Standard chartered revised its MCLR rates effective from 4 January 2021. The overnight and one-month MCLR is 6.30% and 6.65%. The three months and six months MCLR rate is 6.95%. Further, MCLR for the long tenors of one years, two years and three years is 7%, 7.25% and 7.65%, respectively.
  • 2020-03-09 : New lending rates for Standard Chartered Bank
    Standard chartered revised its MCLR rates. The overnight and one-month MCLR is 8.20% and 8.85%. The three months, six months and one-year lending rate is 9.15%. Further, MCLR for the long tenors of two years and three years is 9.55% and 9.70%. The revised rates have been in effect from 6 March 2020.
  • 2020-01-10 : New MCLR by Standard Chartered Bank
    Standard Chartered revised its Marginal Costs of Lending Rates. The overnight and one month MCLR is 8.20% and 8.85%. MCLR for three months, six months and 1-year is 9.20%. In addition to that, the rate for two years and three years is 9.60% and 9.70%, respectively. The revised rates are in effect from 7 January 2020.
  • 2019-11-08 : Standard Chartered Bank revises MCLR
    With effect from 7th November 2019, Standard Chartered Bank revised its Marginal Costs of Lending Rates. Revised MCLR for an overnight period is 8.25%, for one month MCLR is 8.90%, and MCLR for three months, six months, and one year is 9.25%. For two and three-year new MCLR is 9.65% and 9.75%, respectively. The change in MCLR will impact the interest rate of loans.
*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
Loader
Please wait while your information is being processed...