Typically, the tenure options are one month, three months, six months, a year, and three years. However, the majority of consumer loans are linked to a one-year term.
ICICI Bank, Punjab National Bank, and Bank of India have revised their marginal cost-based lending rate (MCLR) on loans across tenures. The revised interest rates are effective from August 1, 2023, as per the bank websites.
After the latest hike, the HDFC Bank’s overnight MCLR is 7.95 per cent, while the MCLR for one month is 8.10 per cent. The three-month and six-month MCLRs are at 8.40 per cent and 8.80 per cent, respectively.