Latest loan rates for January 2025: HDFC Bank, Bank of Baroda, PNB, Canara Bank, IDBI Bank.

The marginal lending rate (MCLR) varies by bank and contract term and affects the loan interest rate. MCLR reflects the minimum lending rate and is adjusted based on changes in repo rates and marginal cost of financing. Please visit your specific bank’s website or branch for more information. Banks like Bank of Baroda, Canara Bank, PNB and IDBI Bank have kept interest rates unchanged for January from the previous month. However, HDFC Bank has reduced the lending interest rate (MCLR) by 5 basis points (bps) for some holding periods.

What is MCLR?

According to HDFC Bank’s website, “Marginal cost of fund-based lending rate or MCLR is the minimum interest rate that a financial institution must charge for a particular loan. It determines the lower bound of the interest rate for the loan. India Unless otherwise specified by the Reserve Bank, this interest rate limit is fixed for the borrower.”

HDFC Bank: Check latest lending rates

Overnight MCLR was lowered by 5bp from 9.20% to 9.15%. The one-month MCLR remained unchanged at 9.20%, and the three-month MCLR also remained unchanged at 9.30%. The six-month and one-year MCLR will be lowered by 5 basis points to 9.40%, while the two-year MCLR will remain unchanged at 9.45%. The three-year MCLR will be lowered by 5 basis points from 9.50% to 9.45%. The revised rates shown in the table below will be effective from January 7, 2025.

Bank of Baroda: Check latest lending rates

Bank of Baroda’s MCLR interest rate for January remains unchanged from the previous month. Overnight MCLR is 8.15%. The 1-month MCLR is 8.35%. The 3-month MCLR is 8.55%. The 6-month MCLR is 8.80%. The MCLR for one year is 9%. This rate is effective from January 12, 2025.

Canara Bank loan rates: Check the latest loan rates

Canara Bank MCLR remains unchanged from the previous month’s interest rate. The overnight interest rate is 8.35%. The 1-month MCLR is 8.45% and the 3-month MCLR is 8.55%. The 6-month MCLR is 8.90%. The 1-year MCLR is 9.10% and the 2-year MCLR is 9.35%. This rate is effective from January 12, 2025.

PNB Loan Rate Updates: Check Latest Loan Rates

Punjab National Bank’s January MCLR remained unchanged from the previous month’s rate. According to PNB’s website, the overnight MCLR is 8.35% and the MCLR-based one-month lending rate is 8.45%. The three-month interest rate is 8.65%, the one-year interest rate is 9%, and the three-year interest rate is 9.30%. This rate is effective from January 1, 2025.

IDBI Bank Loan Rate Updates: Check Latest Loan Rates

According to IDBI Bank’s website, the latest MCLR for overnight tenor is 8.45%. For a tenure of one month, the MCLR is 8.60%. The 3-month MCLR rate for IDBI Bank customers is 8.90%. The six-month MCLR is 9.15%. The 1-year MCLR is 9.20%. The 2-year MCLR is 9.75%. The three-year MCLR is 10.15%. These charges will be applicable starting January 12, 2025. The tabular rates are as follows:

Source: Bank website