IDBI MCLR Rates
The Industrial Development Bank of India (IDBI) is one of the prominent private sector banks in India. This bank offers various financial services and products to its customers. Read on to know more about IDBI bank’s MCLR rate.
What is MCLR rate?
The private sector banks in India set a benchmark interest rate to lend money to their customers. This benchmark interest rate is known as the Marginal Cost of Funds based Lending Rate (MCLR). This rate is determined by considering various factors such as the marginal cost of funds, operating expenses, and the cost of maintaining cash reserves. Banks review this rate periodically use it as the basis for determining the interest rates on loans, particularly floating rate loans, in India.
Current IDBI Bank MCLR Rate:
Tenure | IDBI MCLR Rate |
3 years | 10.00% |
2 years | 9.60% |
1 year | 8.50% |
6 months | 9.00% |
3 months | 8.80% |
1 month | 8.50% |
Overnight | 8.35% |
Note: These rates are effective from 12 May 2024
IDBI Bank MCLR History
Revision Date | 3 Year MCLR | 1 Year MCLR | 6 Months MCLR | 1 Month MCLR | Overnight MCLR |
12 May 2024 | 10.00% | 9.05% | 9.00% | 8.50% | 8.35% |
12 September 2022 | 8.85% | 7.85% | 7.50% | 6.85% | 6.75% |
12 March 2022 | 8.60% | 7.60% | 7.25% | 6.90% | 6.85% |
12 February 2022 | 8.60% | 7.60% | 7.25% | 6.95% | 6.90% |
12 December 2021 | 8.60% | 7.60% | 7.25% | 6.95% | 6.90% |
12 November 2021 | 8.60% | 7.60% | 7.25% | 6.95% | 6.90% |
12 October2021 | 8.60% | 7.65% | 7.30% | 7.05% | 7.00% |
12 September 2021 | 8.60% | 7.65% | 7.30% | 7.05% | 7.00% |
12 February 2021 | 8.60% | 7.80% | 7.45% | 7.25% | 7.05% |
12 January 2021 | 8.60% | 7.80% | 7.45% | 7.25% | 7.05% |
12 December 2020 | 8.60% | 7.85% | 7.50% | 7.30% | 7.10% |
12 October 2020 | 8.60% | 7.85% | 7.50% | 7.30% | 7.10% |
12 September 2020 | 8.75% | 8.10% | 7.75% | 7.55% | 7.35% |
12 August 2020 | 8.75% | 8.10% | 7.75% | 7.55% | 7.35% |
12 July 2020 | 8.80% | 8.25% | 7.90% | 7.65% | 7.50% |
12 June 2020 | 8.80% | 8.30% | 8.00% | 7.80% | 7.60% |
12 May 2020 | 8.85% | 8.40% | 8.10% | 7.90% | 7.70% |
12 April 2020 | 8.85% | 8.40% | 8.10% | 7.90% | 7.70% |
12 March 2020 | 8.90% | 8.65% | 8.35% | 8.10% | 8.00% |
12 February 2020 | 8.90% | 8.65% | 8.35% | 8.10% | 8.00% |
12 January 2020 | 8.90% | 8.65% | 8.35% | 8.10% | 8.00% |
12 December 2019 | 8.90% | 8.65% | 8.35% | 8.10% | 8.00% |
12 November 2019 | 8.90% | 8.65% | 8.35% | 8.10% | 7.85% |
FAQs on IDBI Bank MCLR & Base Rate
- Do all banks have the same MCLR rate?
No, the MCLR rate is different for all the banks. Every bank considers its internal factors such as operating expenses, cost of funds and calculates its MCLR rate.
- Which is lesser, the base rate or the MCLR?
The MCLR is typically less than the base rate. Even though they are established on similar concepts, the base rate is determined by the typical cost of borrowing, whereas the MCLR is based on the additional or marginal cost of borrowing. Thus, the base rate is determined by assessing the lowest acceptable profit margin or return on investment.
- How do MCLR and base rate impact loan interest rates?
Comparing the base rate to MCLR, a lower MCLR leads to reduced interest rates, translating to smaller EMIs for borrowers. Conversely, the base rate correlates directly with the central bank's rate. Should the RBI elevate the base rate, commercial banks would subsequently raise their loan interest rates, resulting in higher costs for borrowers.
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