Interest Rates

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Interest Rates on Loans and Advances

Interest Rates on Loans and Advances

Marginal Cost of funds based Lending Rate (MCLR) with effective from 16.09.2020

Overnight MCLR 7.85%   (p.a)
One Month MCLR 7.95%   (p.a)
Three Months MCLR 8.00%   (p.a)
Six Months MCLR 8.05%   (p.a)
One Year MCLR 8.10%   (p.a)

 

Floating Rates Loans (Interest Rates on Retail portfolio linked to RBI Repo Rate)

 
Present Repo Rate 4.00%   (p.a)
 
 
Description of loan scheme/ product Range of Spread over EBR (% p.a)*
Home Loan - Salaried
Loan Amount Interest Rate
Upto 30Lakhs 7.90 (Repo Rate + 3.90)
Above 30Lakhs and upto 75Lakhs 7.95 (Repo Rate+ 3.95)
Above 75Lakhs 8.00 (Repo Rate+ 4.00)
Home Loan – Self-employed
Loan Amount Interest Rate
Upto 30Lakhs 7.95 (Repo Rate+ 3.95)
Above 30Lakhs and upto 75Lakhs 8.00 (Repo Rate + 4.00)
Above 75Lakhs 8.05 (Repo Rate + 4.05)
Car Loan - New
Type Interest Rate
New 8.75 (Repo Rate + 4.75)
Used 14.05 (Repo Rate+ 10.05)
Other Loans
Type Interest Rate
Property Power Loan (LAP) 10.10 (Repo Rate+ 6.10) Onwards
Education Loan 10.05 (Repo Rate+ 6.05) Onwards

 

Retail Loans with Fixed Interest Rates

 
Description of loan scheme/ product Interest Rate (% p.a)*
Two Wheeler Loan
Vehicle Cubic Capacity (cc) Interest Rate
Two wheeler Loan (under 500cc) 17.00
Super Bike Loan (500cc and above) 12.50
Personal Loan 11.49 to 17.99
Gold Loan 8.50 onwards
Loan Against Fixed Deposits – Term Loan / Easy Cash (Overdraft)
Type Interest Rate
Against Own Deposits Deposit Rate + 2.00
Against Third Party Deposits 12.50 or Deposit Rate + 2.00, whichever is higher
Loan Against Approved Securities (NSC,IVP, KVP and LIC Policies)
Type Interest Rate
Term Loan - Against Own Securities 12.50
Term Loan - Against Third Party Securities 12.75
Easy Cash (Overdraft) - Against Own Securities 12.75
Easy Cash (Overdraft) - Against Third Party Securities 13.00
Fed Rise - Loan Against Recurring Deposits
Type Interest Rate
Against own Recurring Deposits 10.75 or Recurring Deposit Rate + 2.00, whichever is higher
Against Third Party Recurring Deposits 11.25 or Recurring Deposit Rate + 2.50, whichever is higher
Loan Against Demat Shares 12.50

 

 

Floating Rates Loans (Interest Rates on MSE portfolio linked to RBI Repo Rate)

 
Present Repo Rate 5.15%   (p.a)
 
 
Business Loans – up to 5Cr
Description of loan scheme/ product Interest rates on MSE business loans
Floating Rates (Linked to RBI Repo Rate) p.a		 Interest rates on other business loans
Floating Rates (Linked to One Year MCLR) p.a		 Fixed Interest Rates (p.a) for MSE Category
(up to 2 years loan tenure)
Spread Interest Rate Spread Interest Rate
Loans to SME Manufacturer/ Service/ Trader/ Contractor 7.05% to 9.30% 12.20%  to   14.45% 3.70% to 5.20% 12.70%  to   14.20% 12.95%-14.45%
Rent Securitization Loans 6.45% to 8.70% 11.60%  to   13.85% 3.10% to 4.60% 12.10%  to   13.60% 12.35%-13.85%
Loans to Residential/Commercial Real Estate developers 7.20% to 9.45% 12.35% to   14.60% 3.85% to 5.35% 12.85%  to   14.35% 13.10%-14.60%
Micro Business Loans ( aggregate credit limit up to Rs. 25 L) 6.35% to 10.25% 11.50%  to   15.40% 3.00% to 6.15% 12.00%  to   15.15% 12.25%-15.40%
Small Business Loans (credit limit above Rs. 25 lakhs to Rs. 2 crore) 6.45% to 10.25% 11.60%  to   15.40% 3.10% to 6.15% 12.10%  to   15.15% 12.35%-15.40%
Commercial Vehicle Loan 5.20% to 7.25% 10.35% to 12.40% 1.85% to 3.15% 10.85% to 12.15% 11.10% to 12.40%
 

 

Other Loans (up to 5Cr) with Fixed Interest Rate

Description of loan scheme/ product Interest Rates (p.a) - Fixed
Bills discounted under LC 11.50%
Micro credit to Kudumbasree and similar schemes 12.50%
Loans under NRLM/ NULM 12.50%
Supply Bills Discounted/Documentary Bills Purchased/Usance Bills Discounting 14.50%
Swarojgar Credit Card/General Credit Card 12.80%

 

MCLR Disclaimer

 
The MCLR is computed by taking into account –
 
a) Bank's marginal cost of funds,
 
b) Negative carry on Cash Reserve Ratio (CRR),
 
c) Operating costs, and
 
d) Tenor premium.
 
Bank's final lending rates for various types of loans and advances are arrived at by adding the spread to the MCLR of tenor corresponding to the residual period to next interest reset of the loan. MCLR linked rates of interest are applicable for all loans and advances sanctioned/ disbursed/ renewed on or after 01st April 2016.
 
MCLR prevailing on the day loan is disbursed will be applicable till the next reset date, irrespective of the changes in the benchmark during the interim. The reset dates are linked to the MCLR review date and reset frequency.
 
For all existing loans linked to MCLR with different interest reset periods, the reset date will be aligned to the MCLR review date i.e 16th of the month instead of 01st of the month as followed hitherto.
 
Borrowers whose accounts are linked to BPLR/ Base Rate can approach the Branch Manager for conversion of their loan accounts to MCLR linked interest rates*. 
 
* Conditions apply

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