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Tamilnad Mercantile Bank MCLR Rates, Tamilnad Mercantile Bank Base Rate – Jul 2017

Last Updated 08th Jul 2017

Tamilnad Mercantile Bank MCLR Rate – Current Rate, Past Trend

Current MCLR of Tamilnad Mercantile Bank ranges from 9.15% to 9.40% depending on the reset frequency of the loan. Rates are revised every month.

Tamilnad Mercantile Bank MCLR, Base Rate Tenure
9.15% Overnight
9.25% 1 Month
9.30% 3 Month
9.35% 6 Month
9.40% 1 Year
Base rate - 10.30% Past Trend
Tamilnad Mercantile Bank Interest Rates
Home Loan Interest Rates 10.30% * Floating Detail
Loan Against Property Rates 16.05% * Floating Detail
Fixed Deposit Interest Rates 5.00% to 7.00% * Detail

Past Trend MCLR Rate of Tamilnad Mercantile Bank

Tamilnad Mercantile Bank MCLR Rate History

Revised
Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year
MCLR
2 Year
MCLR
3 Year
MCLR
5 Year
MCLR
01st Jul 17
9.15%
9.25%
9.30%
9.35%
9.40%
-
-
-
01st Jun 17
9.20%
9.30%
9.35%
9.40%
9.45%
-
-
-
01st May 17
9.25%
9.35%
9.40%
9.45%
9.50%
-
-
-
01st Apr 17
10.05%
10.15%
10.20%
10.25%
10.30%
-
-
-
01st Mar 17
9.15%
9.25%
9.30%
9.35%
9.40%
-
-
-
01st Feb 17
9.15%
9.25%
9.30%
9.35%
9.40%
-
-
-
01st Jan 17
9.10%
9.20%
9.25%
9.30%
9.35%
-
-
-
01st Dec 16
9.75%
9.85%
9.90%
9.95%
10.00%
-
-
-
01st Nov 16
9.75%
9.85%
9.90%
9.95%
10.00%
-
-
-
01st Oct 16
9.85%
9.95%
10.00%
10.05%
10.10%
-
-
-
01st Sep 16
9.90%
10.00%
10.05%
10.10%
10.15%
-
-
-
01st Aug 16
10.00%
10.10%
10.15%
10.20%
10.25%
-
-
-
01st Jul 16
10.00%
10.10%
10.15%
10.20%
10.25%
-
-
-
01st Jun 16
10.05%
10.15%
10.20%
10.25%
10.30%
-
-
-

Tamilnad Mercantile Bank MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Tamilnad Mercantile Bank decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR Rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Tamilnad Mercantile Bank has different MCLR base rates ranging from 9.15% to 9.40% for different tenures

Changes in MCLR of Tamilnad Mercantile Bank

  • MCLR rate can be revised by Tamilnad Mercantile Bank every month
  • Note that it is not mandatory for Tamilnad Mercantile Bank to revise its rate every month and it may choose to retain the same rate for a longer period

Tamilnad Mercantile Bank home loan interest rate and MCLR

  • Every floating rate loan sanctioned by Tamilnad Mercantile 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, overnight loans) are linked to shorter duration 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
  • Your loan from Tamilnad Mercantile Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of Tamilnad Mercantile Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 10.30%. This loan will initially be priced at 10.8%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 10.05%, the loan will be priced at 10.55% for the next year

Past trend of Tamilnad Mercantile Bank Base Rate vs RBI Repo Rate

Date RBI Rates Bank Rates
08th Feb 17 0%
07th Dec 16 0%
01st Dec 16 10.30% 0.1%
04th Oct 16 0.25%
05th Apr 16 0.25%
15th Oct 15 10.40%
15th Oct 15 10.40% 0.2%
29th Sep 15 0.5%
02nd Jun 15 0.25%
01st Jun 15 10.60% 0.15%
04th Mar 15 0.25%
15th Jan 15 0.25%
28th Jan 14 0.25%
18th Dec 13 0%
29th Oct 13 0.25%
20th Sep 13 0.25%
03rd May 13 0.25%
19th Mar 13 0.25%
11th Feb 13 10.75% 0.25%
29th Jan 13 0.25%
17th Apr 12 0.5%
01st Apr 12 11.00% 0.25%
25th Oct 11 0.25%
16th Sep 11 0.25%
12th Sep 11 10.75% 0.25%
26th Jul 11 0.5%
18th Jul 11 10.50% 0.5%
16th Jun 11 0.25%
09th May 11 10.00% 0.5%
03rd May 11 0.5%
17th Mar 11 0.25%
25th Jan 11 0.25%
01st Jan 11 9.50% 0.5%
02nd Nov 10 0.25%
01st Oct 10 9.00% 0.5%
16th Sep 10 0.25%
27th Jul 10 0.25%
02nd Jul 10 0.25%
01st Jul 10 8.50%

Tamilnad Mercantile Bank Base Rate Vs. RBI Repo Rate Trend

About Tamilnad Mercantile Bank

  • Tamilnad Mercantile Bank is a Private Bank in India with 450 branches, 880 ATM's and 4,119 employees across the country.
  • Tamilnad Mercantile Bank's registered office is located at 57, V.E. Road, Tuticorin Tamilnadu-628002, India.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 883 crs. and Standalone net profit of Rs. 383 crs. Tamilnad Mercantile Bank reported total deposits of Rs. 25,650 crs and total advances of Rs. 19,336 crs.
  • Tamilnad Mercantile Bank's management is led by its CEO Mr. K B Nagendra Murthy.
  • Its current Base Rate is 10.30%, which was last revised on 01st Dec 16.
Tamilnad Mercantile Bank Base Rate, PLR
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