Vijaya Bank MCLR Rates, Vijaya Bank Base Rate – Feb 2018

Vijaya Bank MCLR Rate

Current MCLR rate of Vijaya Bank ranges from 7.90% to 8.75% varying by reset frequency of the loan. Vijaya Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenor.

Base rate to be aligned to MCLR from 1st April 2018 - RBI in its monetary policy on 7th Feb 2018 has mandated that banks’ base rates be linked to MCLR rates. This will benefit Vijaya Bank home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in Vijaya Bank MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate.

Tenure wise MCLR Vijaya Bank Rate Today
Overnight 7.90%
1 Month 7.90%
3 Month 8.15%
6 Month 8.50%
1 Year 8.50%
2 Year 8.65%
3 Year 8.75%
Vijaya Bank Base Rate 9.65%

Vijaya Bank Interest Rates

Vijaya Bank Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 11.90% * Floating Detail
Personal Loan Interest Rates 12.50% to 13.50% Detail
RD Interest Rates 4.00% to 6.60% Detail

MCLR of Vijaya Bank

Vijaya Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Vijaya Bank as announced on 07 Feb 2018 are:

  • Overnight MCLR Rate is 7.90%. The rate was last revised on 07 Oct 2017 to 7.90% from 8.10%
  • 1 Month MCLR Rate is 7.90%. The rate was last revised on 07 Oct 2017 to 7.90% from 8.10%
  • 3 Month MCLR Rate is 8.15%. The rate was last revised on 07 Oct 2017 to 8.15% from 8.20%
  • 6 Month MCLR Rate is 8.50%. The rate was last revised on 07 Sep 2017 to 8.50% from 8.60%
  • 1 Year MCLR Rate is 8.50%. The rate was last revised on 07 Sep 2017 to 8.50% from 8.65%
  • 2 Year MCLR Rate is 8.65%. The rate was last revised on 10 Jan 2017 to 8.65% from 9.50%
  • 3 Year MCLR Rate is 8.75%. The rate was last revised on 07 Feb 2017 to 8.75% from 8.70%

Vijaya Bank MCLR Rate Trend

Date Vijaya Bank MCLR
07th Feb 18
Overnight : 7.90%
1 Month : 7.90%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.50%
2 Year : 8.65%
3 Year : 8.75%
07th Jan 18
Overnight : 7.90%
1 Month : 7.90%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.50%
2 Year : 8.65%
3 Year : 8.75%
07th Oct 17
Overnight : 7.90%
1 Month : 7.90%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.50%
2 Year : 8.65%
3 Year : 8.75%
07th Sep 17
Overnight : 8.10%
1 Month : 8.10%
3 Month : 8.20%
6 Month : 8.50%
1 Year : 8.50%
2 Year : 8.65%
3 Year : 8.75%
07th Aug 17
Overnight : 8.10%
1 Month : 8.10%
3 Month : 8.20%
6 Month : 8.60%
1 Year : 8.65%
2 Year : 8.65%
3 Year : 8.75%
07th Feb 17
Overnight : 8.35%
1 Month : 8.40%
3 Month : 8.55%
6 Month : 8.60%
1 Year : 8.65%
2 Year : 8.65%
3 Year : 8.75%
10th Jan 17
Overnight : 8.45%
1 Month : 8.50%
3 Month : 8.55%
6 Month : 8.60%
1 Year : 8.65%
2 Year : 8.65%
3 Year : 8.70%
18th Aug 16
Overnight : 9.20%
1 Month : 9.25%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
2 Year : 9.50%
3 Year : 9.55%
01st Jul 16
Overnight : 9.20%
1 Month : 9.25%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
2 Year : 9.50%
3 Year : 9.55%
01st Apr 16
Overnight : 9.20%
1 Month : 9.25%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
2 Year : 9.50%
3 Year : 9.55%
  • Effective 1st April 2016, Vijaya 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. Vijaya Bank MCLR rates for different tenors range from 7.90% to 8.75%.
  • 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, Vijaya 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, Vijaya 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%, Vijaya Bank may decide to cut its 1 Year 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 Vijaya Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Vijaya Bank.
  • MCLR rate can be revised by Vijaya Bank every month. However, it is not mandatory for Vijaya Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

Vijaya Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Vijaya 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.
  • Your loan from Vijaya 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 Vijaya Bank will be repriced every year. Say, you take a loan from Vijaya Bank at 1 Year MCLR rate plus 20 bps spread when the 1 Year MCLR rate is 8.50%. This loan will initially be priced at 8.7%. Its next re-pricing will be done one year from now. If the 1 Year MCLR rate after one year increases by 10 bps, the loan will be priced at 8.8% for the next year.

Compare MCLR Rate Movement



    Compare Vijaya Bank MLCR Rates with Other Banks

    About Vijaya Bank

    • Vijaya Bank's registered office is located at 41/2, Trinity Circle, M.G. Road, Bengaluru-560001.
    • Vijaya Bank's management is led by its CEO Mr. Kishore Kumar Sansi.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
    Vijaya Bank News - Feb 2018
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