IDBI Bank reduces Marginal Cost of funds based Lending Rate (MCLR) 

 

Mumbai, May 09, 2017: IDBI Bank reduces Marginal Cost of Funds based Lending Rates (MCLR) as under:

 

Tenor

MCLR ( in % )

Overnight

8.05

One Month

8.20

Three Month

8.30

Six Month

8.35

One Year

8.65

Two Year

8.70

Three Year

8.75

 

The above revised rates are applicable w.e.f. May 07, 2017. The Bank has reduced MCLR by 15 bps to 25 bps across various tenors. The reduction in MCLR is expected to positively impact loan growth, thereby supporting the growth impulses in the economy.

 

 

 

Please find below the comparative data for MCLR revised w.e.f. from May 07, 2017 vis-à-vis with the previous rates:

 

 

 

 

Tenor

Effective 01.02.2017

Effective 07.05.2017

Overnight MCLR

8.20%

8.05%

One Month MCLR (1M)

8.40%

8.20%

Three Months MCLR (Q)

8.55%

8.30%

Six Months MCLR (HY)

8.60%

8.35%

One year MCLR (Y)

8.80%

8.65%

Two Years MCLR (2Y)

8.85%

8.70%

Three Years MCLR (3Y)

8.95%

8.75