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  • IDBI MCLR

    IDBI Bank is one of the leading banks in this country that offers flexible and innovative financial services and products.As, Almost all the banks have reduced their MCLR Rate. IDBI Bank too 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 8.60%
    2 years 8.10%
    1 year 7.65%
    6 months 7.30%
    3 months 7.10%
    1 month 7.05%
    Overnight 7.00%

    Note: These rates are effective from 12 October 2021

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

    There are 2 steps involved in the process of 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 February 2021 8.60% 8.15% 7.80% 7.45% 7.30% 7.25% 7.05%
    12 January 2021 8.60% 8.15% 7.80% 7.45% 7.30% 7.25% 7.05%
    12 December 2020 8.60% 8.20% 7.85% 7.50% 7.40% 7.30% 7.10%
    12 October 2020 8.60% 8.20% 7.85% 7.50% 7.40% 7.30% 7.10%
    12 September 2020 8.75% 8.40% 8.10% 7.75% 7.65% 7.55% 7.35%
    12 August 2020 8.75% 8.40% 8.10% 7.75% 7.65% 7.55% 7.35%
    12 July 2020 8.80% 8.50% 8.25% 7.90% 7.75% 7.65% 7.50%
    12 June 2020 8.80% 8.55% 8.30% 8.00% 7.90% 7.80% 7.60%
    12 May 2020 8.85% 8.65% 8.40% 8.10% 8.00% 7.90% 7.70%
    12 April 2020 8.85% 8.65% 8.40% 8.10% 8.00% 7.90% 7.70%
    12 March 2020 8.90% 8.75% 8.65% 8.35% 8.20% 8.10% 8.00%
    12 February 2020 8.90% 8.75% 8.65% 8.35% 8.20% 8.10% 8.00%
    12 January 2020 8.90% 8.75% 8.65% 8.35% 8.20% 8.10% 8.00%
    12 December 2019 8.90% 8.75% 8.65% 8.35% 8.20% 8.10% 8.00%
    12 November 2019 8.90% 8.75% 8.65% 8.35% 8.20% 8.10% 7.85%
    12 October 2019 8.90% 8.75% 8.65% 8.35% 8.20% 8.10% 7.85%
    12 September2019 9.10% 8.95% 8.85% 8.50% 8.35% 8.10% 7.85%
    12 August 2019 9.10% 8.95% 8.85% 8.50% 8.35% 8.10% 7.85%
    12 July 2019 9.20% 9.10% 8.95% 8.60% 8.40% 8.10% 7.85%
    12 June 2019 9.20% 9.15% 8.95% 8.60% 8.40% 8.15% 7.90%
    12 May 2019 9.30% 9.25% 9.00% 8.60% 8.40% 8.15% 7.90%
    12 April 2019 9.30% 9.25% 9.00% 8.60% 8.40% 8.15% 7.90%
    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 %
      

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