- MyLoanCare
- PLR/MCLR Rate
- Syndicate Bank
Syndicate Bank MCLR Rates, Syndicate Bank Base Rate – May 2022
Syndicate Bank MCLR Rate
Current MCLR rate of Syndicate Bank ranges from 6.55% to 7.25% 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 | 6.55% |
1 Month | 6.55% |
3 Month | 6.85% |
6 Month | 7.20% |
1 Year | 7.25% |
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 | 9.95% * 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 | 2.90% 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 Mar 2022 are:
- Overnight MCLR Rate is 6.55%.
- 1 Month MCLR Rate is 6.55%.
- 3 Month MCLR Rate is 6.85%.
- 6 Month MCLR Rate is 7.20%.
- 1 Year MCLR Rate is 7.25%.
- 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 Mar 22 | Overnight : 6.55% 1 Month : 6.55% 3 Month : 6.85% 6 Month : 7.20% 1 Year : 7.25% |
07th Dec 21 | Overnight : 6.55% 1 Month : 6.55% 3 Month : 6.85% 6 Month : 7.20% 1 Year : 7.25% |
07th Oct 21 | Overnight : 6.55% 1 Month : 6.55% 3 Month : 6.85% 6 Month : 7.20% 1 Year : 7.25% |
07th Sep 21 | Overnight : 6.70% 1 Month : 6.70% 3 Month : 6.95% 6 Month : 7.30% 1 Year : 7.35% |
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% |
07th Jun 20 | Overnight : 7.30% 1 Month : 7.30% 3 Month : 7.55% 6 Month : 7.60% 1 Year : 7.65% |
07th May 20 | Overnight : 7.50% 1 Month : 7.50% 3 Month : 7.75% 6 Month : 7.80% 1 Year : 7.85% 2 Year : 7.90% |
07th May 20 | Overnight : 7.50% 1 Month : 7.50% 3 Month : 7.75% 6 Month : 7.80% 1 Year : 7.85% |
15th Mar 20 | Overnight : 7.50% 1 Month : 7.55% 3 Month : 7.60% 6 Month : 8.00% 1 Year : 8.15% |
15th Feb 20 | Overnight : 7.50% 1 Month : 7.55% 3 Month : 7.60% 6 Month : 8.00% 1 Year : 8.15% |
15th Jan 20 | Overnight : 7.50% 1 Month : 7.60% 3 Month : 7.75% 6 Month : 8.00% 1 Year : 8.25% |
15th Dec 19 | Overnight : 7.75% 1 Month : 7.80% 3 Month : 8.10% 6 Month : 8.20% 1 Year : 8.25% |
15th Oct 19 | Overnight : 7.90% 1 Month : 8.00% 3 Month : 8.20% 6 Month : 8.30% 1 Year : 8.35% |
13th Sep 19 | Overnight : 7.90% 1 Month : 8.00% 3 Month : 8.20% 6 Month : 8.30% 1 Year : 8.35% |
12th Aug 19 | Overnight : 7.90% 1 Month : 8.00% 3 Month : 8.20% 6 Month : 8.30% 1 Year : 8.35% |
15th Jul 19 | Overnight : 8.15% 1 Month : 8.25% 3 Month : 8.45% 6 Month : 8.55% 1 Year : 8.60% |
15th Jun 19 | Overnight : 8.20% 1 Month : 8.30% 3 Month : 8.50% 6 Month : 8.60% 1 Year : 8.65% |
15th May 19 | Overnight : 8.20% 1 Month : 8.30% 3 Month : 8.45% 6 Month : 8.60% 1 Year : 8.65% |
15th Apr 19 | Overnight : 8.15% 1 Month : 8.25% 3 Month : 8.40% 6 Month : 8.55% 1 Year : 8.60% |
10th Mar 19 | Overnight : 8.20% 1 Month : 8.30% 3 Month : 8.45% 6 Month : 8.60% 1 Year : 8.65% |
10th Feb 19 | Overnight : 8.30% 1 Month : 8.40% 3 Month : 8.55% 6 Month : 8.70% 1 Year : 9.75% |
10th Dec 18 | Overnight : 8.30% 1 Month : 8.40% 3 Month : 8.55% 6 Month : 8.70% 1 Year : 8.75% |
10th Oct 18 | Overnight : 8.30% 1 Month : 8.35% 3 Month : 8.50% 6 Month : 8.60% 1 Year : 8.80% |
10th Sep 18 | Overnight : 8.30% 1 Month : 8.35% 3 Month : 8.40% 6 Month : 8.60% 1 Year : 8.80% |
10th Jul 18 | Overnight : 8.10% 1 Month : 8.15% 3 Month : 8.20% 6 Month : 8.40% 1 Year : 8.65% |
10th Jun 18 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.30% 1 Year : 8.55% |
10th May 18 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.30% 1 Year : 8.50% |
10th Apr 18 | Overnight : 7.95% 1 Month : 8.00% 3 Month : 8.05% 6 Month : 8.25% 1 Year : 8.45% |
10th Mar 18 | Overnight : 7.95% 1 Month : 8.00% 3 Month : 8.05% 6 Month : 8.25% 1 Year : 8.45% |
10th Feb 18 | Overnight : 7.95% 1 Month : 8.00% 3 Month : 8.05% 6 Month : 8.25% 1 Year : 8.45% |
10th Dec 17 | Overnight : 7.95% 1 Month : 8.00% 3 Month : 8.05% 6 Month : 8.25% 1 Year : 8.45% |
10th Nov 17 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.25% 1 Year : 8.45% |
10th Oct 17 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.25% 1 Year : 8.50% |
10th Sep 17 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.25% 1 Year : 8.50% |
10th Sep 17 | Overnight : 8.00% 1 Month : 8.05% 3 Month : 8.10% 6 Month : 8.25% 1 Year : 8.50% |
10th Aug 17 | Overnight : 8.05% 1 Month : 8.10% 3 Month : 8.15% 6 Month : 8.30% 1 Year : 8.50% |
10th Jul 17 | Overnight : 8.05% 1 Month : 8.10% 3 Month : 8.15% 6 Month : 8.35% 1 Year : 8.60% |
10th Jun 17 | Overnight : 8.30% 1 Month : 8.35% 3 Month : 8.40% 6 Month : 8.60% 1 Year : 8.75% |
10th May 17 | Overnight : 8.30% 1 Month : 8.35% 3 Month : 8.40% 6 Month : 8.60% 1 Year : 8.75% |
10th Apr 17 | Overnight : 8.30% 1 Month : 8.35% 3 Month : 8.40% 6 Month : 8.60% 1 Year : 8.75% |
10th Jan 17 | Overnight : 8.30% 1 Month : 8.35% 3 Month : 8.40% 6 Month : 8.60% 1 Year : 8.75% |
07th Oct 16 | Overnight : 9.30% 1 Month : 9.35% 3 Month : 9.35% 6 Month : 9.40% 1 Year : 9.45% |
11th Jul 16 | Overnight : 9.40% 1 Month : 9.45% 3 Month : 9.45% 6 Month : 9.50% 1 Year : 9.55% |
01st Apr 16 | Overnight : 9.50% 1 Month : 9.55% 3 Month : 9.55% 6 Month : 9.60% 1 Year : 9.65% |
30th Nov -1 | Overnight : 8.10% 1 Month : 8.15% 3 Month : 8.20% 6 Month : 8.00% |
30th Nov -1 | Overnight : 8.00% |
- 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 6.55% to 7.25%.
- 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
- Allahabad Bank
- Andhra Bank
- AU Small Finance Bank
- Axis Bank
- Bajaj Finserv
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Cholamandalam
- Citibank
- Corporation Bank
- DBS Bank
- DCB Bank
- Dhan Laxmi Bank
- Edelweiss
- Equitas Small Finance Bank
- ESAF Small Finance Bank
- Federal Bank
- GIC Housing Finance
- HDFC
- HDFC Bank
- HSBC Bank
- ICICI Bank
- ICICI Home Finance
- IDBI Bank
- IDFC First Bank
- IIFL
- Indiabulls
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu And Kashmir Bank
- Jana Small Finance Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Bank
- Lakshmi Vilas Bank
- LIC Housing Finance
- LT Housing Finance
- OBC
- Piramal Housing Finance
- PNB
- PNB Housing Finance
- Punjab and Sind Bank
- RBL Bank
- SBI
- South Indian Bank
- Standard Chartered Bank
- Syndicate Bank
- UCO Bank
- Ujjivan Small Finance Bank
- Union Bank of India
- United Bank of India
- Yes Bank
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 6.55% to 7.25% for a tenure ranging between 1 month to 5 years.
✅What is the current Syndicate Bank MCLR rate?
Current Syndicate Bank, overnight tenure is 6.55%, 1 month mclr is 6.55% , three month mclr is 6.85%, six month mclr is 7.20%, one year tenure is 7.25% 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%.
-
Home Loan
Home Loan at all-time low rates starting at 6.50%. 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 9.00% with Cashback of up to ₹ 500
Apply Now -
Loan Against Property
Best Loan Against Property Offers starting @ 6.90%. 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 7.05%.
Invest Now
- 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes. - 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%.
