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IndusInd Bank MCLR Today
IndusInd Bank MCLR ranges from 10.20% - 10.55% w.e.f 22 July 2024 for different tenures. MCLR is the minimum rate below which a bank cannot charge an interest rate for a specific loan. These MCLR rates determine the interest rates for different loans.
MCLR Rate by Top Banks
The Marginal Cost of the Fund-Based Lending Rate, abbreviated as MCLR, is an internal reference rate decided by the Reserve Bank of India (RBI) for banks in India. MCLR helps banks determine the minimum interest rate for different types of lending products like home loans, personal loans, etc. Banks cannot offer loan interest rates below the MCLR, or else they will have to face strict regulatory action.
Following are current IndusInd Bank MCLR and MCLR rates of other top banks in India:
| Bank Name | Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
|---|---|---|---|---|---|---|---|
| IndusInd Bank | 10.10% | 10.15% | 10.30% | 10.45% | 10.45% | 10.45% | 10.45% |
| HSBC Bank | 8.60% | 8.75% | 8.90% | 9.00% | 9.05% | NA | NA |
| Axis Bank | 9.10% | 9.10% | 9.20% | 9.25% | 9.30% | 9.40% | 9.45% |
| Yes Bank | 9.30% | 9.55% | 10.10% | 10.35% | 10.50% | NA | NA |
| HDFC Bank | 8.90% | 8.95% | 9.10% | 9.30% | 9.30% | 9.35% | 9.35% |
| ICICI Bank | 8.60% | 8.60% | 8.65% | 9.00% | 9.10% | NA | NA |
| SBI | 8.00% | 8.20% | 8.20% | 8.55% | 8.65% | 8.75% | 8.85% |
| PNB | 8.30% | 8.35% | 8.45% | 8.65% | 8.80% | NA | 9.10% |
| PSB | 8.00% | 8.30% | 8.45% | 8.75% | 8.95% | NA | NA |
| Citibank | 7.05% | 7.10% | 7.25% | 7.30% | 7.20% | NA | NA |
| Bank of Baroda | 8.05% | 8.30% | 8.40% | 8.60% | 8.80% | NA | NA |
| IDFC FIRST Bank | 9.60% | 9.60% | 9.85% | 10.20% | 10.35% | NA | NA |
| Bank of India | 8.10% | 8.35% | 8.45% | 8.65% | 8.85% | NA | 9.05% |
| Central Bank of India | 8.00% | 8.05% | 8.40% | 8.60% | 8.75% | NA | NA |
| Federal Bank | 9.45% | 9.50% | 9.55% | 9.65% | 9.70% | NA | NA |
| IDBI Bank | 8.35% | 8.50% | 8.80% | 9.00% | 9.05% | 9.60% | 10.00% |
| Indian Overseas Bank | 8.00% | 8.20% | 8.40% | 8.65% | 8.80% | 8.80% | 8.85% |
| UCO Bank | 8.00% | 8.25% | 8.40% | 8.65% | 8.80% | NA | NA |
| Canara Bank | 7.90% | 8.00% | 8.15% | 8.45% | 8.80% | NA | NA |
| Kotak Bank | 8.65% | 8.90% | 9.05% | 9.30% | 9.45% | 9.50% | 9.60% |
You can also check IndusInd Bank Home Loan Online.
Table of Contents: IndusInd Bank MCLR[Hide]
MCLR Rate of IndusInd Bank
IndusInd MCLR ranges from 10.20% - 10.55% for different tenures with effect from 22 March 2024. These rates will be valid till the next review by the bank, i.e. on 22 April. IndusInd Bank is a reputed bank in India that has a wide variety of lending and banking products and services to offer. IndusInd Bank revised its MCLR in January, making its lending products cheaper for its customers. MCLR of IndusInd Bank is the minimum interest rate below which it cannot charge for a specific loan product.
IndusInd Bank revises its MCLR every month on the 22nd. Below is the current MCLR IndusInd Bank with effect from 22.03.2024:
- Overnight: 10.05%
- 1 Month: 10.10%
- 3 Months: 10.25%
- 6 Months: 10.45%
- 1 Year: 10.45%
- 2 Years: 10.45%
- 3 Years: 10.45%
You can also check IndusInd Bank Loan Against Property Online.
IndusInd Bank MCLR Rate Trend
Below is the IndusInd Bank MCLR rate trend in the year 2022 - 2024:
| Last MCLR Updated Date | Tenure | MCLR |
|---|---|---|
| 22.07.2024 | Overnight | 10.10% |
| 1 Month | 10.15% | |
| 3 Months | 10.30% | |
| 6 Months | 10.45% | |
| 1 Year | 10.45% | |
| 2 Years | 10.45% | |
| 3 Years | 10.45% | |
| 22.03.2024 | Overnight | 10.05% |
| 1 Month | 10.10% | |
| 3 Months | 10.25% | |
| 6 Months | 10.45% | |
| 1 Year | 10.45% | |
| 2 Years | 10.45% | |
| 3 Years | 10.45% | |
| 22.02.2024 | Overnight | 10.00% |
| 1 Month | 10.05% | |
| 3 Months | 10.20% | |
| 6 Months | 10.35% | |
| 1 Year | 10.40% | |
| 2 Years | 10.40% | |
| 3 Years | 10.40% | |
| 22.01.2024 | Overnight | 9.90% |
| 1 Month | 9.95% | |
| 3 Months | 10.10% | |
| 6 Months | 10.30% | |
| 1 Year | 10.35% | |
| 2 Years | 10.35% | |
| 3 Years | 10.35% | |
| 22.12.2023 | Overnight | 9.85% |
| 1 Month | 9.90% | |
| 3 Months | 10.10% | |
| 6 Months | 10.30% | |
| 1 Year | 10.35% | |
| 2 Years | 10.35% | |
| 3 Years | 10.40% | |
| 22.04.2023 | Overnight | 9.15% |
| 1 Month | 9.20% | |
| 3 Months | 9.55% | |
| 6 Months | 9.95% | |
| 1 Year | 10.20% | |
| 2 Years | 10.25% | |
| 3 Years | 10.30% | |
| 22.07.2023 | Overnight | 9.50% |
| 1 Month | 9.55% | |
| 3 Months | 9.80% | |
| 6 Months | 10.10% | |
| 1 Year | 10.25% | |
| 2 Years | 10.30% | |
| 3 Years | 10.30% | |
| 22.04.2023 | Overnight | 9.15% |
| 1 Month | 9.20% | |
| 3 Months | 9.55% | |
| 6 Months | 9.95% | |
| 1 Year | 10.20% | |
| 2 Years | 10.25% | |
| 3 Years | 10.30% | |
| 22.01.2023 | Overnight | 8.80% |
| 1 Month | 8.85% | |
| 3 Months | 9.20% | |
| 6 Months | 9.65% | |
| 1 Year | 9.95% | |
| 2 Years | 10.10% | |
| 3 Years | 10.15% | |
| 22.12.2022 | Overnight | 8.80% |
| 1 Month | 8.85% | |
| 3 Months | 9.20% | |
| 6 Months | 9.60% | |
| 1 Year | 9.95% | |
| 2 Years | 10.15% | |
| 3 Years | 10.15% | |
| 22.08.2022 | Overnight | 8.25% |
| 1 Month | 8.30% | |
| 3 Months | 8.60% | |
| 6 Months | 8.95% | |
| 1 Year | 9.30% | |
| 2 Years | 9.60% | |
| 3 Years | 9.60% | |
| 22.07.2022 | Overnight | 8.10% |
| 1 Month | 8.15% | |
| 3 Months | 8.40% | |
| 6 Months | 8.70% | |
| 1 Year | 9.00% | |
| 2 Years | 9.35% | |
| 3 Years | 9.30 |
IndusInd Home Loan Interest Rate & MCLR
The current IndusInd MCLR rate with effect from 22 July 2024 is mentioned below:
| Tenure | IndusInd Bank MCLR |
|---|---|
| Overnight | 10.10% |
| 1 Month | 10.15% |
| 3 Months | 10.30% |
| 6 Months | 10.45% |
| 1 Year | 10.45% |
| 2 Years | 10.45% |
| 3 Years | 10.45% |
The current IndusInd Bank home loan interest rates range from 10.20% - 10.55% per annum. Even a little change in the MCLR rate can impact your IndusInd housing loan interest rate and EMI to be paid.
IndusInd 1-Year MCLR Rate
IndusInd 1-year MCLR is 10.45% with effect from 22 July 2024. This rate is applicable till the next review, i.e. 22nd August 2024. The 1-year MCLR rate of IndusInd Bank is updated every month on the 22nd. Even a small change in the MCLR can impact your IndusInd Home Loan linked to MCLR or other lending products offered by the bank. Hence, you must check the updated MCLR rates of the bank every month. A change in MCLR can affect your loan Equated Monthly Instalments (EMIs) as well.
IndusInd Bank MCLR Rate History
There has been a significant change in the MCLR rates of IndusInd Bank in the last year. Following is the IndusInd Bank MCLR rate history for the year 2022-2024:
| Last MCLR Updated Date | MCLR |
|---|---|
| 22.07.2024 | 10.10% - 10.45% |
| 22.03.2024 | 10.05% - 10.45% |
| 22.02.2024 | 10.00% - 10.40% |
| 22.01.2024 | 9.90% - 10.35% |
| 22.12.2023 | 9.85% - 10.40% |
| 22.07.2023 | 9.50% - 10.30% |
| 22.04.2023 | 9.15% - 10.30% |
| 22.01.2023 | 8.80% - 10.15% |
| 22.12.2022 | 8.80% - 10.15% |
| 22.08.2022 | 8.25% - 9.60% |
| 22.07.2022 | 8.10% - 9.30% |
Related Articles
IndusInd Bank MCLR FAQs
What is MCLR for IndusInd Bank?
The MCLR of IndusInd Bank w.e.f 22.07.2024 are mentioned below:
| Tenure | IndusInd Bank MCLR |
|---|---|
| Overnight | 10.10% |
| 1 Month | 10.15% |
| 3 Months | 10.30% |
| 6 Months | 10.45% |
| 1 Year | 10.45% |
| 2 Years | 10.45% |
| 3 Years | 10.45% |
What is Current MCLR?
The current IndusInd Bank MCLR rate ranges from 10.20% - 10.55% for different tenures.
What is the difference between Base Rate and MCLR?
The Base Rate is based on the average cost of funds. MCLR is based on the marginal cost of funds. Base Rate is computed by considering the profit margin or minimum rate of return, and MCLR is computed considering tenure premium.
Which bank has the lowest MCLR rate?
Currently, Punjab & Sindh Bank has the lowest MCLR.
| Bank | Overnight | 1 Month | 3 Months | 6 Months | 1 Year |
| Punjab & Sindh Bank | 8.10% | 8.40% | 8.50% | 8.80% | 9.05% |
How is MCLR calculated?
The RBI has determined the following formula for calculating MCLR:
MCLR = (Marginal borrowing cost * 92%) + (Return on net worth * 8%).
When did RBI introduce MCLR?
The Marginal Cost of Funds Based Lending Rate (MCLR)was introduced on 1st April 2016 by RBI to tackle problems related to the base rate regime. The MCLR was aimed to help borrowers availing various loans benefit from the RBI’s rate cut.
Who introduced MCLR?
RBI introduced MCLR on 1 April 2016.
What is the interest rate of FD in IndusInd Bank 2024?
The IndusInd Bank Fixed deposit rate is 7.75% p.a. for general citizens and 8.25% p.a for senior citizens.
