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  • IDBI MCLR

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  • IDBI Bank is one of the leading banks in this country that offers flexible and innovative financial services and products. Almost all the banks have reduced their MCLR Rate. IDBI Bank has also reduced the marginal cost of funds based lending rate which has increased the affordability factor associated with the home loans. Customers will find it easier to repay the monthly instalments with lower rates of interest.

    Current IDBI Bank MCLR Rate:

    Tenure IDBI MCLR Rate
    3 years 9.10%
    2 years 8.95%
    1 year 8.85%
    6 months 8.50%
    3 months 8.35%
    1 month 8.10%
    Overnight 7.85%

    How to Switch to IDBI Bank MCLR Rate from IDBI Bank Base Rate?

    There are 2 steps involved in process if switching from IDBI Bank Home Loan base rate to IDBI Bank home loan MCLR rate:

    • You will have to send a written request to IDBI bank so that the procedure of linking the home loan to MCLR starts.
    • After marginal cost of funds based lending rate is linked to your home loan, request your lender to bring the quantum of spread down. At this point, a processing fee is levied to carry out this step, post which the housing loan rate will be refreshed as per the MCLR.

    IDBI Bank Home Loan Rate and MCLR:

    • All the floating rate home loans that are sanctioned by the bank is benchmarked to the marginal cost of funds based lending rate for a specific tenure, like 6 months, 3 months or 1 month.
    • Overnight loans, cash credit, etc. are the shorter duration loans and they are linked to the shorter period MCLR. The longer period loans like vehicle loan, home loan, etc. are linked to the longer duration marginal cost of funds based lending rates.
    • The applicable interest rate on floating rate housing loan has 2 parts – margin/spread above benchmark and applicable benchmark rate.

    IDBI Bank MCLR History:

    Revision Date 3 Year MCLR 2 Year MCLR 1 Year MCLR 6 Months MCLR 3 Months MCLR 1 Month MCLR Overnight MCLR
    12 March 2019 9.30 % 9.30 % 9.05 % 8.65 % 8.45 % 8.25 % 7.95 %
    12 February 2019 9.30 % 9.30 % 9.05 % 8.70 % 8.50 % 8.25 % 8.00 %
    12 January 2019 9.25 % 9.25 % 9.00 % 8.65 % 8.45 % 8.25 % 8.00 %
    12 December 2018 9.00 % 9.00 % 8.95 % 8.65 % 8.45 % 8.25 % 8.00 %
    12 November 2018 9.00 % 9.00 % 8.95 % 8.65 % 8.45 % 8.25 % 8.00 %
    12 October 2018 8.90 % 8.90 % 8.85 % 8.60 % 8.45 % 8.25 % 8.00 %
    12 September 2018 8.90 % 8.90 % 8.85 % 8.60 % 8.45 % 8.25 % 8.00 %
    12 August 2018 8.90 % 8.90 % 8.85 % 8.60 % 8.45 % 8.25 % 8.00 %
    12 July 2018 8.80 % 8.80 % 8.75 % 8.50 % 8.35 % 8.20 % 7.95 %
    12 June 2018 8.80 % 8.70 % 8.65 % 8.45 % 8.35 % 8.10 % 8.00 %
    12 May 2018 8.80 % 8.70 % 8.65 % 8.45 % 8.35 % 8.10 % 8.00 %
    12 April 2018 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    12 March 2018 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    12 February 2018 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    12 January 2018 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    12 December 2017 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    12 November 2017 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    1 October 2017 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    1 September 2017 8.70 % 8.60 % 8.55 % 8.35 % 8.30 % 8.10 % 8.00 %
    1 August 2017 8.75 % 8.70 % 8.65 % 8.35 % 8.30 % 8.20 % 8.05 %
    1 July 2017 8.75 % 8.70 % 8.65 % 8.35 % 8.30 % 8.20 % 8.05 %
    1 June 2017 8.75 % 8.70 % 8.65 % 8.35 % 8.30 % 8.20 % 8.05 %
    1 May 2017 8.75 % 8.70 % 8.65 % 8.35 % 8.30 % 8.20 % 8.05 %
    1 April 2017 8.95 % 8.85 % 8.80 % 8.60 % 8.55 % 8.40 % 8.20 %
    1 March 2017 8.95 % 8.85 % 8.80 % 8.60 % 8.55 % 8.40 % 8.20 %
    1 February 2017 8.95 % 8.85 % 8.80 % 8.60 % 8.55 % 8.40 % 8.20 %
    1 January 2017 9.30 % 9.20 % 9.15 % 8.90 % 8.85 % 8.75 % 8.50 %
    1 December 2016 9.70 % 9.60 % 9.30 % 9.25 % 9.15 % 9.05 % 8.75 %
    1 November 2016 9.70 % 9.60 % 9.30 % 9.25 % 9.15 % 9.05 % 8.75 %
    1 October 2016 9.70 % 9.60 % 9.30 % 9.25 % 9.15 % 9.05 % 8.75 %
    1 September 2016 9.70 % 9.55 % 9.30 % 9.25 % 9.15 % 9.00 % 8.60 %
    1 August 2016 9.70 % 9.55 % 9.30 % 9.25 % 9.15 % 9.00 % 8.60 %
    1 July 2016 9.70 % 9.55 % 9.30 % 9.25 % 9.15 % 9.00 % 8.60 %
    1 June 2016 9.90 % 9.75 % 9.45 % 9.40 % 9.35 % 9.25 % 8.85 %
    1 May 2016 9.90 % 9.75 % 9.45 % 9.40 % 9.35 % 9.25 % 8.85 %
    1 April 2016 9.90 % 9.75 % 9.45 % 9.40 % 9.35 % 9.25 % 8.85 %
      

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