Current Home Loan Interest Rates in India
|Lenders||Minimum Interest Rate||EMI/Lakh**||Processing Fees (exclusive of GST)|
|Kotak Mahindra Bank||6.75%||Rs. 648||0.25%- 0.5% of loan amount and Statutory Dues|
|HDFC Bank||6.80%||Rs. 651||Up to 0.5% of loan amount or Rs. 3,000, whichever is higher|
|Union Bank of India||6.80%||Rs. 651||0.50% of the loan amount (Max. Rs. 15,000)|
|Punjab National Bank||6.80%||Rs. 651||Full waiver of upfront / processing fees and documentation charges during PNB New Year Bonanza-2021 from 01.01.2021 to 31.03.2021|
|State Bank of India||6.80%||Rs. 651||Nil processing fee on home loans in approved projects|
|Bank of Baroda||6.85%||Rs. 655||0.25% – 0.50% of loan amount (Min. Rs. 8,500 & Max. Rs. 25,000)|
|Bank of India||6.85%||Rs. 655||0.25% of loan amount (Min. Rs. 1,500; Max. Rs. 20,000)|
|Central Bank of India||6.85%||Rs. 655||0.50% of loan amount (Max. Rs. 20,000)|
|Axis Bank||6.90%||Rs. 659||Up to 1% of the loan amount (Min. Rs. 10,000)|
|Bajaj Finserv||6.90%||Rs. 659||For salaried individuals: Up to 0.80% of loan amount|
For self-employed individuals: Up to 1.20% of loan amount
|Canara Bank||6.90%||Rs. 659||0.50% (Min. Rs. 1,500; Max. Rs. 10,000)|
|ICICI Bank||6.90%||Rs. 659||0.50% of loan amount|
|LIC Housing Finance||6.90%||Rs. 659||As applicable|
|Punjab & Sind Bank||6.90%||Rs. 659||Full waiver on processing charges during the Festival Campaign Period|
|Tata Capital Housing Finance||6.90%||Rs. 659||0.20% – 0.50% of loan amount|
|UCO Bank||6.90%||Rs. 659||0.5% of the loan amount (Min. Rs. 1,500; Max. Rs. 15,000)|
|IDBI Bank||6.90%||Rs. 659||For Inward Balance Transfer and PMAY Cases: Nil|
For Other Home Loan Cases:
Up to Rs. 35 lakh: Rs. 3,500 to Rs. 7,500
Above Rs. 35 lakhs and up to Rs. 75 lakh: Rs. 6,000 to Rs. 10,000
Above Rs. 75 lakh and up to Rs. 125 lakh: Rs. 10,000 to Rs. 16,000
Above Rs. 125 lakh: Rs. 10,000 to Rs. 20,000
|IDFC First Bank||7.00%||Rs. 665||Up to Rs. 10,000 (additional premium is charged based on risk profile)|
|Indian Overseas Bank||7.05%||Rs. 669||Up to 0.50% of loan amount (Max. Rs. 25,000)|
|PNB Housing Finance||7.55%||Rs. 702||Up to 1% of loan amount (Min. Rs. 10,000)|
|Federal Bank||7.65%||Rs. 709||0.50% of loan amount (Min. Rs. 10,000; Max. Rs. 45,000)|
|Standard Chartered Bank||7.99%||Rs. 733||0.50% to 1% of loan amount|
|Fullerton Grihashakti||7.99%||Rs. 733||Up to 3% of loan amount|
|Karnataka Bank||8.07%||Rs. 738||Up to 0.25% of loan amount|
|IIFL||8.45%||Rs. 765||Up to 2% of loan amount|
|DHFL||8.75%||Rs. 786||Salaried/Self Employed Professional – 0.5% of loan amount (Min. Rs. 2,500)|
Self Employed Non Professional – Net PAT: 0.5%, Others: 1.0% of loan amount
|YES Bank||8.95%||Rs. 794||2% of loan amount or Rs. 10,000, whichever is higher|
|Indiabulls Housing Finance||8.99%||Rs. 804||Up to 2% of loan amount|
|Aditya Birla Housing Finance Ltd.||9.00%||Rs. 805||Up to 1% of loan amount|
|India Shelter Finance Corp. Ltd.||12.00%||Rs. 1,106||2% – 3% of loan amount|
Home Loan Interest Rates for all banks as of 15 January 2021.
The housing loan interest rates in the table are subject to change anytime without prior notice.
*Interest rate concession of up to 20 bps based on the applicant’s credit score and loan amount. Additional interest concession of 5 bps if the customer applies for SBI home loan via SBI YONO app.
**To calculate Home Loan EMI, the loan tenure is assumed as 30 years.
Change in home loan rate? Use home loan EMI calculator to know its effect on your EMIs. The online loan calculator also works as a home loan interest rate calculator as it helps you know the interest amount due on your home loan along with the overall EMI amount.
Interest rate is a major factor that influences the total cost of your home loan. As home loans are of higher value and longer tenure, the interest rate on the loan can have long-term financial implications on borrowers. Getting home loan at a lower rate of interest will not only reduce the EMI but also the interest payout. Hence, home loan seekers should try to get housing loans at the lowest possible interest rate.
Today’s lowest home loan interest rate is offered by Kotak Mahindra Bank at 6.75% p.a., followed by other top banks such as Union Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, SBI and ICICI Bank.
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Besides home loan rate of interest and loan amount, there are various other fees and charges that make up the total cost of your home loan such as processing fees, CERSAI charges and prepayment charges. It is important to know and understand about these additional costs so that you can identify which home loan offer will help you save more. Some lenders might have the same home loan rate but different associated fees and charges, which depending on the value can increase or decrease your loan burden. Knowing home loan fees and charges also helps in planning your repayment accordingly.
Types of Interest Rates Offered on Home Loans
There are two types of home loan interest rates at which lenders sanction a home loan, fixed and floating.
1. Fixed Interest Rate – Fixed interest rate remains the same throughout the loan period, thereby, keeping the home loan EMI constant. Applying for a home loan at a fixed rate of interest is better when the current home loan rate of interest is quite low and an upward trend is anticipated in future. But considering the current trend of decreasing lending rates, banks provide customers with an option to switch over to the variable/floating housing loan interest rates after completing a specific period of time.
2. Floating Interest Rate – Floating interest rate, also known as the variable rate of interest, is subject to the current market lending rates; and thus, they may change during the loan tenure. The home loan EMIs will increase or decrease as per the interest rate movement. With the current trend of decreasing home loan rates, it will be advantageous for prospective home loan borrowers to apply for home loans at a floating rate of interest.
Suggested Read: Fixed Rate vs. Floating Rate – Which one is better?
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What are the different methods of interest calculation?
Home Loan interest can be calculated in two ways: Flat Rate Method and Reducing Balance Method.
1. Fixed/Flat Rate Method of Interest Calculation
In this method, the interest is calculated on the principal amount that you initially borrowed from the lender. This further implies that even after 10 years of loan repayment, the interest will be calculated on the same principal amount, making you pay more on your interest. This method of interest calculation is usually used in microfinance.
2. Reducing Balance Method of Interest Calculation
When you make an EMI payment, you pay some part of that amount as principal and the remaining part as interest on your loan. This reduces the outstanding principal amount with time. On this reduced outstanding balance, lenders calculate the interest. In this method, you pay lesser interest as every time your pay loan EMI, the principal outstanding decreases.
Reducing balance method further can either be annual reducing, monthly reducing or daily reducing. Banks use the daily reducing balance method to calculate interest for housing loans. Some housing finance companies, on the other hand, use the monthly method for calculating interest on a home loan.
Home Loan Interest Formula and Calculation
Here are the formulae for calculating interest using both the flat rate and reducing balance methods of interest calculation:
EMI Calculation by Flat Rate Method = (Principal + Total Interest Payable)/ Loan Tenure in Months
Total interest payable = (principal*interest rate*loan tenure)/100
EMI Calculation by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
P = Principal amount
R = Rate of interest on a monthly basis
N = Loan repayment tenure in months (Principal + Total Interest Payable)/ Loan Tenure in Months
Example of Flat Rate & Reducing Balance Method of Interest Calculation
Let’s assume Vivek takes a home loan of Rs. 30 lakh for 30 years at 7% p.a. rate of interest. Read the table below and see what the total charges would be under each method of interest calculation.
|Parameters||Flat Rate Method||Reducing Balance Method|
|Loan Amount||Rs. 30 lakh||Rs. 30 lakh|
|Tenure||360 months||360 months|
|Interest Rate||7% p.a.||7% p.a.|
|Total Interest||Rs. 63 lakh||Rs. 41.9 lakh (approx.)|
|EMI||Rs. 25,833||Rs. 19,959|
* Savings occur due to lower total interest payout when reducing balance method of interest calculation is used.
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How to calculate effective home loan rate of interest?
The method of calculating the home loan rate or effective interest rate is simple and straight forward. Under floating rate home loans, banks specify a formula, which may be external benchmark rate such as Repo Rate and 3-month Treasury Bill Rate plus a given spread. Adding the two of these components will give you the effective home loan interest rate.
Effective Housing Loan Interest Rate (EIR) = Base Rate + Markup
Let’s know more about these two components:
External Benchmark Rate: It is the minimum rate set by the Reserve Bank of India (RBI). Lenders cannot sanction loan to customers below this rate. It can be linked to RBI’s repo rate or any other benchmark market interest rate published by the Financial Benchmarks India Private Limited (FBIL). It is also subject to frequent changes depending on various inputs.
Read Also: How is RLLR different from MCLR?
Markup/Spread: Spread or margin is added over and above the external benchmark rate to get the Effective interest rate (EIR). The spread may vary from one home loan scheme to another.
How to get a home loan at the lowest interest rate in India?
There is no set formula to avail housing loan at the lowest rate. However, there are a few practices which can help you avail the lowest home loan rate possible. Some of these practices are:
Keep Your Credit Score Close to 900: Your credit score is an indicator of your creditworthiness. As per RBI guidelines, banks now use it upfront to fix home loan rate of interest over and above the external benchmark rate. Since high credit score reflects responsible credit behaviour and vice-versa, applicants with a lower credit score will pay higher interest on their home loans. And, applicants with a higher credit score will enjoy lower rates.
Apply for Home Loan Jointly: You can get the lowest housing loan rate if you apply for a home loan jointly with your wife and make her the primary applicant of your home loan. Most of the banks provide interest concession home loan to women on an interest rate which is less than 0.5% of the general home loan interest rate. Availing joint home loan will also increase your home loan eligibility as well as home loan tax benefits.
Check Also: Home Loan Tax Benefits
Consider Availing Home Loan Balance Transfer: You can even opt for a home loan balance transfer if your current bank or financial institution is charging a higher rate of interest. You can switch to another bank, which offers a lower rate of interest. But before making the switch, consider the total cost of loan transfer.
Click to Know: When should you go for home loan balance transfer facility
Increase Your Home Down Payment: Loan amount is yet another factor that affects your home loan rate. For lenders, as the home loan amount increases, the associated credit risk also increases. To accommodate the increased risks, lenders levy a higher rate of interest. So, customers striving to avail home loan at the lowest interest rate possible should try borrowing less by contributing more towards their home down payment.
How to reduce home loan interest burden?
Following are the few effective ways to reduce home loan interest burden:
- Transfer your existing loan to another bank offering home loan at a lower interest rate
- Increase your home loan EMIs to reduce the total interest payable
- Part-prepay your home loan to decrease EMIs and save on interest
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What factors affect home loan interest rates?
Factors responsible for the increase or decrease in the housing loan interest rate in India are:
- Credit score: Credit score is now used upfront by lenders to fix home loan interest rates over and above the external benchmark rate. Lower credit score attracts a higher rate of interest on home loan and vice-versa.
- Loan amount: The loan amount you wish to borrow can also influence the rate at which you get the housing loan. Home loans up to Rs. 30 lakh usually have a lower interest rate as compared to home loans of a higher amount.
- Type of employment: The home loan interest rate for salaried professionals is lower than the interest rate charged for self-employed professionals. This is so because the income of salaried employees is stable. In case of self-employed, the income is dependent on market conditions and other external factors.
- Type of interest rate: Home loan rate of interest is of two types – fixed and floating. The type of interest rate you choose for your home loan will determine the rate at which you will repay to your lender. In case of fixed rate home loans, EMIs remain the same for the entire loan period. Floating rates, on the other hand, change as per change in its lending rate such as Repo Linked Lending Rate (RLLR).
- Gender of the applicant: Many lenders such as the SBI offer a fixed concession on home loan interest rates for women borrowers. Such banks offer a concession of 0.5 bps for women borrowers on the prevailing interest rates.
- Type of home loan: Home loan rate of interest also differs as per the types of home loan. Regular home loans have standard rates while its counterparts such as Plot Loans or NRI Home Loans usually have a higher rate of interest.
- External benchmark rate: As per RBI’s notification, from October 2019, housing loan interest rates are linked to external benchmark rates such as RBI Policy Repo Rate, the Government of India 3-Months and 6-Months Treasury Bill yields published by Financial Benchmarks India Private Ltd (FBIL) and any other benchmark market interest rate published by FBIL. Under the new regime, any change in the external benchmark rate will affect the home loan interest rate of all banks in India.
Interest Rate FAQs
What is today’s home loan interest rate?
Home loan interest rate today is 6.75% onwards. The final rate of interest at which your lender will give you a home loan will depend on multiple factors including your credit score, repayment capacity, loan amount and age.
Which bank offers the lowest interest rate on home loans?
Kotak Mahindra Bank gives home loan at the lowest rate of interest starting at 6.75% per annum. Following Kotak Mahindra Bank are Punjab National Bank, Union Bank of India, HDFC Bank and SBI, which offer home loans at 6.80% p.a. onwards. Nest in the line are Bank of Baroda, Bank of India and Central Bank of India offering housing loans at 6.85% p.a. onwards. Canara Bank, Punjab and Sind Bank and ICICI Bank are other notable banks that offer housing loans at low interest rates.
Home loan rate of interest is currently at its all-time low due to a series of repo rate cuts by RBI. You can get a home loan at the lowest home loan rate, provided you are salaried with a property value of up to Rs. 30 lakh. The home loan rates are even lower for women borrowers as lenders offer interest concession on properties with a primary owner of co-owner as a woman.
What is the EMI for 20 lakhs home loan?
The EMI for 20 lakhs loan at the latest home loan interest rate of 6.70% for the tenure of 30 years is Rs. 12,906.
How can I check total interest payout for my home loan?
You can know your total home loan interest payout by using a home loan EMI calculator. The calculator also tells you about your home loan EMIs and total principal amount. To get the results, all you need to provide are a few details, loan amount, interest rate and loan tenure.
Which one offers home loan at a lower rate of interest – Banks or HFCs?
Banks, usually, offer home loans at a lower rate of interest than Housing Finance Companies (HFCs). However, the eligibility criteria for home loans from banks are often more stringent than that of HFCs.
Which bank will be the best to avail home loan depends on your loan requirements. Some of the tips that can help you choose the best home loan offer are as follows:
- Know how much loan amount you can afford to borrow with the help of a home loan eligibility calculator
- Compare home loan interest rates from the eligible offers. Opt for a lender offering home loans at lowest interest rates
- Check and compare other fees and charges applicable on home loans such as the processing fees and prepayment charges
- Check if the lender offers prepayment facility, customized home loan insurance scheme, online account access, etc.
- Also, check for different loan repayment options
Which are the top banks/HFCs offering home loan in India?
Top banks / NBFCs / HFCs offering home loan in India are:
- State Bank of India (SBI)
- HDFC Ltd.
- Bajaj Housing Finance Ltd.
- ICICI Bank
- LIC Housing Finance Ltd.
- Axis Bank
- Bank of Baroda
- Kotak Mahindra Bank
- Aditya Birla Housing Finance Ltd.
- IDFC First Bank
Compare & Apply for Housing Loans from Top Lenders View Offers
Home Loan Interest Rate News
HDFC offers special home loan rates
11 January 2021: HDFC Ltd. is offering special housing loan interest rates to its new customers. The HDFC bank home loan interest rate has been reduced from 6.90% to 6.80% per annum. For any loan amount, the HDFC home loan interest rate will range from 6.80% to 7.30% per annum. The reduced home loan rates are subject to credit risk profile assessed by HDFC Ltd. It will be offered to those with credit score of 730 & above. the should also avail disbursements (part/full) on or before 31.03.2021. The special housing loan interest rates are applicable to HDFC Home Loans, including HDFC Home Improvement, HDFC Home Extension and HDFC Home Loan Balance Transfer. The housing loan rate of interest are applicable for loans under the Adjustable Rate Home Loan Scheme and are subject to change at the time of disbursement. The special rate is effective from 11th January, 2021 for login(s) and disbursement (s) (part/full) availed on or before 31st March, 2021.
SBI cuts its home loan rates by 30 bps
09 January 2021: The State Bank of India (SBI) has reduced its home loan interest rates by 30 basis points. The current SBI home loan interest rate is 6.80% p.a. for up to Rs. 30 lakhs. For housing loans above Rs. 30 lakhs, the rate of interest will start from 8.95% p.a. The final home loan rate at which applicants will get the loan will depend on multiple factors including their CIBIL Score. The home loan interest concessions up to 30 bps is also available in 8 metro cities for loans up to Rs. 5 Crore. Additionally, SBI is offering interest concession of 5 bps each to women borrowers, on home loan balance transfer and to those who apply for SBI home loans through SBI YONO App and other digital channels.
Bajaj Finserv has reduced its home loan interest rates
21 November 2020: Bajaj Housing Finance Limited (BHFL) has reduced its housing loan interest rates for new customers. Home buyers can now get the loan at 6.90% per annum.
Citibank offers the lowest home loan rate
20 November 2020: Citibank is offering housing loan at the lowest interest rate of 6.75% p.a. onwards. The bank has also decided to levy no processing fee on home loans till 31 December 2020. Unlike banks who usually have linked their housing loan rates to the RBI’s repo rate, Citibank’s home loans interest rates are linked to 91-day treasury bill.
UCO Bank slashes home loan rates by 25 basis points
18 November 2020: UCO Bank has reduced its home loan interest rates by 25 basis points. After the housing loan rate reduction, the bank currently is offering home loans starting at 6.90% per annum. The new home loan rate is applicable irrespective of loan amount and occupation of the borrower. This implies that both salaried and self employed professionals can avail UCO bank home loan at the same rate of interest, which starts at 6.90% p.a.
Union Bank of India cuts home loan rate by 10 bps
31 October 2020: Union Bank of India has cut the interest rate on home loans of above Rs. 30 lakh by 10 basis points (bps) with effect from November 1, 2020. The bank has also announced further rate concession of 5 bps for women home loan borrowers. The bank now offers all home loans above Rs 30 lakh at 6.95% onwards. There will also be zero processing charges on home loans till 31 December 2020. UBI also waived legal and valuation charges up to ₹10,000 in case of take-over of home loans by it.
Bank of Baroda cuts home loan rates by 15 basis points
31 October 2020: Bank of Baroda (BoB) has reduced its external benchmark by 15 basis points. Post rate reduction, the home loan rate currently starts from 6.85% per annum.
Kotak Mahindra Bank slashes home loan rates
31 October 2020: Kotak Mahindra home loans are now available starting at 6.9% per annum. If borrowers of another bank switch the loan account to Kotak Mahindra Bank, they will be eligible to save up to Rs. 20 lakh. Additionally, women applicants can get special rates across housing loan products.
Finance Ministry has asked lenders to waiver off interest on interest
27 October 2020: In an effort to lighten the loan burden of all borrowers amidst the COVID 19 pandemic, the Finance Ministry has issued a new set of guidelines, which includes the waiver of ‘interest on interest’ for a period of six months. The payments will be made to every small business and individual borrowers who have taken loans up to Rs. 2 crore.
The Centre has approved a scheme to grant ex-gratia payment of the difference between simple interest and compound interest to all borrowers of specified loan accounts (1 March to 31 August).
Tata Housing offers fixed home loan rates for a year
22 October 2020: Tata Housing Development Company (THDC) has announced ‘Wow is Now’ scheme for homebuyers wherein the applicants will be charged 3.99% only for a period of one year and the remaining will be taken care by the financial institution. The scheme is applicable on up to 10 projects till 20 November 2020. The scheme is launched after considering 7% p.a. interest rate from the bank as the maximum limit. The scheme will also include a gift voucher ranging from Rs. 25,000 to Rs. 8 lakh depending on the property, after the booking. The voucher would be issued after the payment of 10% of the amount and the registration of property. The campaign is extended across 10 Tata Housing projects.
Kotak Mahindra has reduced its home loan rates by 10 bps
21 October 2020: Kotak Mahindra Bank has cut down its home loan interest rates further by 10 bps. The Kotak Mahindra home loan rate of interest now starts at 6.9% p.a.
Axis bank offers a special interest rate on home loans
21 October 2020: As part of its festive offer called ‘Dil Se Open Celebrations’, Axis Bank has announced special interest rates on its home loan products. Under this special festive offer, Axis bank home loan rates will start at 6.90% per annum.
Karnataka Vikas Grameena Bank has cut its home loan rates
20 October 2020: Amid the onset of the festive season, the Karnataka Vikas Grameena Bank (KVGB) has reduced its home loan interest rates. The revised KVGB home loan rate stands at 7.5% p.a.
Punjab & Sind Bank to revise its MCLR
16 October 2020: Punjab & Sind Bank Marginal Cost of funds based Lending Rate (MCLR) linked home loans will change with effect from 16 October 2020 as the bank has revised its MCLR. The bank’s revised 1-year MCLR is 7.70%. And the bank’s Benchmark Prime Lending Rate (BPLR) and Base Rate remain unchanged at 14% and 9.70%, respectively.
Home loans amounting Rs. 75 lakh or more is expected to be cheaper
12 October 2020: Home loans amounting Rs.75 lakhs and above are expected to be cheaper. The Reserve Bank of India (RBI) is trying to make it easier for the lenders to extend loans to this segment of borrowers. Earlier, lenders had to set aside a bigger amount of funds for higher loan amounts. This forced them to levy a higher interest rate for this segment of loans. Since the difference has been removed, the rates can now be restructured.
SBI’s special offers on home loans
11 September 2020: The State Bank of India (SBI) has announced special offers on home loans. The lender will offer borrowers applying for SBI home loans three benefits, nil processing fee, 0.10% interest concession for borrowers with a higher CIBIL score for loans above Rs. 30 lakh and less than Rs. 1 crore and lastly additional 0.5% of interest concession of the loan is applied through SBI’s YONO app.
Bank of Maharashtra and Indian Overseas cut MCLR rates
08 September 2020: Bank of Maharashtra has cut its Marginal Cost of funds based Lending Rate (MCLR) by up to 10 basis points for select tenors. The Indian Overseas Bank (IOB) has also decided to cut its MCLR by 10 basis points across all tenors with effect from September 10. Bank of Maharashtra has reduced its 1-year and 6-month MCLR to 7.30% and 7.25%, respectively. For overnight and 1-month and 3-month tenors, the lender has reduced the MCLR to 6.8%, 7% and 7.2%, respectively. The IOB has also revised its 1-year, 6-month and 3-month MCLRs to 7.55% and 7.45%, respectively.
BOB home loan rates reduced by 0.25%
08 October 2020: This festive season, Bank of Baroda (BOB) has decided to reduce its home loan rates by 0.25%. However, the revised rates will be applicable to take over cases only. Besides home loan rate cut, the public sector bank has also waived off its home loan processing fee.
HDFC reduces MCLR by 10 bps
07 September 2020: HDFC Bank has cut its Marginal Cost of funds based Lending Rate (MCLR) on home loans by 10 basis points across all tenors. The revised MCLR rates will be effective from 7 August 2020. After the latest rate cut, its overnight MCLR has reduced to 7%, one-month MCLR has decreased to 7.05%, one-year MCLR is now 7.35% and the three-year MCLR currently stands at 7.55%.
HDFC approves Rs 47k cr home loans under PMAY scheme
07 September 2020: In a regulatory filing, HDFC Ltd. revealed that it approved over Rs 47,000 crore of home loans under Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to over two lakh eligible homebuyers.
PNB raises repo-linked lending rate by 15 bps
01 September 2020: Punjab National Bank has raised its repo-linked lending rate by 15 basis points to 6.8%. All new retail loans including home loans are linked to the repo rate. The increase in the repo rate will also increase the interest rate of retail loans including PNB home loan. The bank has also cut its base rate by 10 bps to 8.9%. The revised lending rates will be effective from 01 September.
Indian Bank slashes 1-year MCLR by 5 basis points
01 August 2020: Indian Bank has announced cut on one year Marginal Cost of funds based Lending Rate (MCLR) by 5 basis points. The revised one year MCLR of the bank stands at 7.3%, effective from 03 September.
Indian Bank cuts lending rates by 30 bps
01 June 2020: Indian Bank has announced cut on its Marginal Cost of funds based Lending Rate (MCLR) by 30 basis points across all tenors. The revised MCLR will be effective from 03 June. After the rate revision, the bank’s one-year MCLR will stand at 7.5%. And overnight and one-month MCLRs have been reduced to 7.2% and 7.25%, respectively.