External Benchmark/MCLR/Base Rate/Benchmark Prime Lending Rate

External Benchmark for Lending Facilities

All (Floating rate loan to Individuals and Micro, Small and Medium Enterprises) rupee loans sanctioned and credit limits renewed with effect from 1st October 2019 shall be priced with reference to the below rates for the respective benchmark as mentioned in sanction letter.

Effective External Benchmark for lending facilities

Marginal Cost of funds based Lending Rates (MCLR)

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 shall be priced with reference to the MCLR, which will be the internal benchmark for such purposes.

Effective MCLR

Base Rate

Base Rate of the Bank is 10.70% p.a. with effect from September 30, 2023

The Base Rate has been arrived at considering the simple average of 181-210 days and 365-375 days tenors Term Base Rate of the Bank is 9.85% p.a. with effect from March 31, 2023 Deposit rate blended with Current and Savings Account (CASA) cost, and other elements that are common across all categories of borrowers. For customers whose interest rate is linked to Base Rate, any revision in the Base Rate will impact the interest rate.

The margin between your variable rate of interest and base rate will be determined by factors such as credit grading of the customer, quality of the collateral, risk profile of the industry/sector, account behavior / conduct, product level allocable costs etc. and changes in these factors may result in upward or downward revision of the margin.

Mortgage Variable Reference Rate

The interest rate on your floating rate Mortgage loan is linked to the Mortgage Variable Reference Rate (MVRR) and any revision in this rate would impact your interest rate. The MVRR, effective September 30, 2023:

  • Home Loan MVRR is 20.70%
  • Loan Against Property MVRR is 21.95%