Latest home loan, other loan interest rates of ICICI Bank, PNB and Bank of India

The marginal cost of funds-based lending rate (MCLR) aids banks in establishing the minimal interest rate for various loan types. Here is a look at the latest MCLR of ICICI Bank, Punjab National Bank (PNB) and Bank of India.

Latest ICICI Bank loan interest rates
ICICI Bank kept the marginal cost-based lending rates (MCLR) unchanged for the month of April across all tenures.

Also read: Unable to pay home loan EMIs? Here is what you can do

According to the ICICI Bank website, the overnight, one-month MCLR rate is at 8.50 percent. The three-months, six months MCLRs at ICICI Bank is at 8.55 percent, and 8.70 percent, respectively. The one-year MCLR is now at 8.75 percent.

MCLR effective April 1, 2023
Tenures I-MCLR
Overnight 8.50%
One Months 8.50%
Three Months 8.55%
Six Months 8.70%
One Year 8.75%

According to the ICICI Bank website, “ICICI Bank External Benchmark Lending Rate” (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 9.25% p.a.p.m. effective September 30, 2022.” RBI Policy Repo Rate effective February 8, 2023 is 6.50%.Latest PNB lending rates
Punjab National Bank has not changed the MCLR for the month of April. According to the PNB website, PNB’s overnight benchmark marginal cost of lending is at 8 percent, the rates for one month, three months, and six months at 8.10 percent, 8.20%, and 8.40 percent, respectively. The one-year MCLR stands at 8.50 percent, while the three-year MCLR is 8.80 percent.

MCLR TENOR Existing W.E.F. 01.03.2023 Revised W.E.F. 01.04.2023
Overnight 8.00% 8.00%
One month 8.10% 8.10%
Three month 8.20% 8.20%
Six month 8.40% 8.40%
One year 8.50% 8.50%
Three years 8.80% 8.80%

Latest Bank of India lending rates
Bank of India has raised its marginal cost of funds-based lending rate (MCLR) by up to 40 basis points on select tenures. The new rates are applicable from April 1, 2023. Following the increase, the Bank of India’s overnight MCLR is at 7.90 percent from 7.50 percent. The one month MCLR is 8.10 percent from 7.95% and three months is raised to 8.20 percent from 8 percent. The one-year MCLR is now 8.60 percent, up from 8.50 percent previously, and its six-month MCLR is 8.40% from 8.25 percent.

Sl.No Tenor wise MCLR Rate effective from 01.04.2023
1 Overnight MCLR 7.90%
2 1 Month MCLR 8.10%
3 3 Month MCLR 8.20%
4 6 Month MCLR 8.40%
5 1 Year MCLR 8.60%
6 3 Year MCLR 8.80%

RBI policy rate
The Reserve Bank of India will announce the repo rates on April 6, 2023. Banks will yet again increase the lending rates if there is a hike in repo rates announced in the monetary policy meeting.
If the interest rate on your house loan rises, so will your EMI payment (both EBLR and MCLR). Depending on the benchmark to which your home loan is connected, you may or may not be affected by the increase.

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