According to the HDFC Bank website, effective from January 7, 2023, the overnight MCLR is now 8.50% from earlier 8.30%, an increase of 20 basis points (bps). The MCLR for one month is 8.55% up from 8.30%, an increase of 25 bps. The three-month and six-month MCLRs will be 8.60 from 8.35 percent and 8.70%from 8.45%. The one-year MCLR, which is connected to many consumer loans, will now be 8.85% from 8.60%, the two-year MCLR will be 8.95% from 8.70%, and the three-year MCLR will be 9.05% from earlier 8.80%

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According to the PNB website, PNB’s overnight benchmark marginal cost of lending rate has increased from 7.45 percent to 7.80 percent, with rates for one month, three months, and six months rising to 7.90 percent, 8%, and 8.20 percent, respectively. On the other hand, the one-year MCLR has surged by 20 basis points from 8.10 percent to 8.30 percent, while the three-year MCLR has risen from 8.40 percent to 8.60 percent.

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According to the Bank of India website, one month MCLR is at 7.75%, three month and six month MCLR is at 7.80%, 8.05% respectively. Bank of India one year MCLR is hiked to 8.30% and three year MCLR at 8.50%, after the hike.

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Canara Bank increased rates overnight to 1-month MCLR by 20 basis points, from 7.30% to 7.50%. The three-month MCLR has been increased by 25 bps to 7.85%, while the six-month MCLR has been increased from 8.05% to 8.20%. The bank increased the one-year MCLR from 8.15% to 8.35%.

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MCLR has surged from 7.50 percent to 7.85 percent for overnight tenure. The MCLR for one month has been raised from 7.95 percent to 8.15 percent. The MCLR for three-month tenure has climbed from 8.05 percent to 8.25 percent. The MCLR for six-month tenure has risen from 8.15 percent to 8.35 percent while MCLR for one-year tenure has been hiked from 8.30 per cent to 8.5 percent, post revision.

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