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Syndicate Bank MCLR Rates, Syndicate Bank Base Rate – Jun 2021

Syndicate Bank MCLR Rate

Last Updated 08th Feb 2021

Current MCLR rate of Syndicate Bank ranges from 6.70% to 7.35% varying by reset frequency of the loan. Syndicate 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 Syndicate Rate Today
Overnight 6.70%
1 Month 6.70%
3 Month 6.95%
6 Month 7.30%
1 Year 7.35%
Syndicate Base Rate 9.50%

Syndicate Bank has merged into Canara Bank on April 1, 2020. The interest rates of Canara Bank will now be applicable on Syndicate Bank.

Syndicate Bank Interest Rates

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

Home Loan Interest Rates 6.95% * Floating Detail
Loan Against Property Rates 11.50% * Floating Detail
Personal Loan Interest Rates 12.40% to 13.90% Detail
Business Loan Interest Rates 12.65% to 13.65% Detail
Fixed Deposit Interest Rates 2.95% to 5.50% Detail
RD Interest Rates 4.45% to 5.50% Detail

MCLR of Syndicate Bank

Syndicate Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Syndicate Bank as announced on 07 Feb 2021 are:

  • Overnight MCLR Rate is 6.70%.
  • 1 Month MCLR Rate is 6.70%.
  • 3 Month MCLR Rate is 6.95%.
  • 6 Month MCLR Rate is 7.30%.
  • 1 Year MCLR Rate is 7.35%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Syndicate Bank MCLR Rate Trend

Date Syndicate Bank MCLR
07th Feb 21 Overnight : 6.70%
1 Month : 6.70%
3 Month : 6.95%
6 Month : 7.30%
1 Year : 7.35%
07th Nov 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.30%
1 Year : 7.35%
07th Oct 20 Overnight : 6.95%
1 Month : 6.95%
3 Month : 7.10%
6 Month : 7.35%
1 Year : 7.40%
07th Sep 20 Overnight : 6.95%
1 Month : 6.95%
3 Month : 7.10%
6 Month : 7.35%
1 Year : 7.40%
07th Aug 20 Overnight : 7.00%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.40%
1 Year : 7.45%
08th Jul 20 Overnight : 7.00%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.40%
1 Year : 7.45%
07th Jul 20 Overnight : 7.20%
1 Month : 7.20%
3 Month : 7.45%
6 Month : 7.50%
1 Year : 7.55%
  • Effective 1st April 2016, Syndicate 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. Syndicate Bank MCLR rates for different tenors range from 6.70% to 7.35%.
  • 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, Syndicate 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, Syndicate 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%, Syndicate 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 Syndicate Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Syndicate Bank.
  • MCLR rate can be revised by Syndicate Bank every month. However, it is not mandatory for Syndicate 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.

Syndicate Bank Home Loan Interest Rate and MCLR

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

About Syndicate Bank

  • Syndicate Bank's registered office is located at Post Box No 1 Manipal-576104 Karnataka India .
  • Syndicate Bank's management is led by its CEO Mr. Mrutyunjay Mahapatra.
  • Its current Base Rate is 9.50%, which was last revised on 15th Mar 20.

FAQs

What is the MCLR of Syndicate Bank?

Syndicate Bank MCLR ranges between 6.70% to 7.35% for a tenure ranging between 1 month to 5 years.

What is the current Syndicate Bank MCLR rate?

Current Syndicate Bank, overnight tenure is 6.70%, 1 month mclr is 6.70% , three month mclr is 6.95%, six month mclr is 7.30%, one year tenure is 7.35% and two year tenure is 0.00%.

What is Syndicate Bank base rate?

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


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Syndicate News - Jun 2021
  • 2020-07-09 : Revised MCLR for Syndicate Bank
    Syndicate Bank revised its MCLR for July month. The revised MCLR for an overnight tenure is 7.20%, for one month, it is 7.20%, and for three months, the MCLR is revised to 7.45%. For longer tenures of six months and one year, the MCLR is 7.50% and 7.55%, respectively.
  • 2020-01-15 : Syndicate Bank slashed its MCLR by 35 bps
    Syndicate Bank revised its MCLR. The overnight MCLR stands at 7.50% which was 7.75% earlier. The one month and 3 months MCLR is 7.60% and 7.75%. Further, the lending rate for 6 months is 8% and it is 8.25% for one year. The revised rates are in effect from 15 January 2020.
  • 2019-10-22 : Syndicate Bank revised MCLR
    Syndicate Bank revised its MCLR for October month. The revised MCLR for an overnight tenure is 7.90%, for one month, it is 8.00%, and for three months, the MCLR is revised to 8.20%. For longer tenures of six months and one year, the MCLR is 8.30% and 8.35%, respectively.
  • 2019-09-13 : Syndicate Bank revises its MCLR
    With effect from September 13, 2019, Syndicate Bank has revised its MCLR rates. The revised MCLR for an overnight tenure is 7.90%; for one month the MCLR is 8%; for three and six months the tenure is 8.20% and 8.30% respectively. For a longer tenure of one year, the revised MCLR is 8.35%.
  • 2019-08-13 : Syndicate Bank reduces MCLR rates by 25 bps making it home loans cheaper
    Post announcement of repo rate cut by the RBI by 35 bps, Syndicate Bank also has slashed its Marginal Cost of Funds Based Lending Rate (MCLR) by 25 basis points. The move is supposed to make retail loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 8.35%. Earlier the rate was 8.60%. For one-month and three months, the rate has been revised to 8.00% and 8.20% respectively. The rates are effective from August 12, 2019.
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