Bank of India MCLR Rate
Bank of India MCLR ranges from 8.15% - 9.20% for different tenures. BOI MCLR is the minimum interest rate below which the bank cannot charge an interest rate for a specific loan. These MCLR rates are the deciding factor in determining interest rates for different loans.
MCLR Rate by Top Banks
The Marginal Cost of the Fund-Based Lending Rate (MCLR) is an internal reference rate fixed by the Reserve Bank of India (RBI) for banks. This rate helps banks to decide the minimum rate of interest on various loan types. Banks are not allowed to lend below the MCLR, or else they will have to face strict regulatory action.
Following are the current BOI 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 |
|---|---|---|---|---|---|---|---|
| Bank of India | 8.15% | 8.45% | 8.60% | 8.75% | 8.85% | NA | 9.20% |
| Canara Bank | 8.25% | 8.35% | 8.45% | 8.80% | 9.00% | 9.30% | 9.40 |
| Axis Bank | 9.15% | 9.15% | 9.25% | 9.30% | 9.35% | 9.45% | 9.50% |
| Yes Bank | 9.10% | 9.45% | 10.10% | 10.35% | 10.50% | NA | NA |
| HDFC Bank | 9.10% | 9.15% | 9.25% | 9.40% | 9.45% | 9.45% | 9.45% |
| ICICI Bank | 8.60% | 8.60% | 8.65% | 9.00% | 9.10% | NA | NA |
| SBI | 8.20% | 8.45% | 8.50% | 8.85% | 8.95% | 9.05% | 9.10% |
| PNB | 8.30% | 8.35% | 8.55% | 8.75% | 8.90% | NA | 9.20% |
| PSB | 8.20% | 8.45% | 8.55% | 8.85% | 9.10% | NA | NA |
| Citibank | 6.65% | 6.90% | 6.95% | 7.00% | 6.95% | NA | NA |
| Bank of Baroda | 8.15% | 8.35% | 8.50% | 8.75% | 8.95% | NA | NA |
| IndusInd Bank | 10.20% | 10.25% | 10.40% | 10.55% | 10.55% | 10.55% | 10.55% |
| IDFC FIRST Bank | 10.20% | 10.20% | 10.40% | 10.60% | 10.70% | NA | NA |
| Central Bank of India | 8.10% | 8.15% | 8.50% | 8.70% | 8.85% | NA | NA |
| Federal Bank | 9.45% | 9.50% | 9.55% | 9.65% | 9.70% | NA | NA |
| IDBI Bank | 8.40% | 8.55% | 8.85% | 9.10% | 9.15% | 9.70% | 10.10% |
| Indian Overseas Bank | 8.20% | 8.45% | 8.60% | 8.85% | 8.95% | 9.00% | 9.15% |
| UCO Bank | 8.20% | 8.35% | 8.50% | 8.80% | 8.95% | NA | NA |
| Kotak Bank | 8.75% | 9.00% | 9.15% | 9.40% | 9.55% | 9.55% | 9.65% |
| HSBC Bank | 8.30% | 8.45% | 8.60% | 8.70% | 8.75% | NA | NA |
MCLR Rate of Bank of India
Currently, Bank of India MCLR rate ranges between 8.15% - 9.20% for different tenures with effect from 1st May 2025. These rates will be valid till the next review by the bank. Bank of India is a reputed public sector bank in India that offers a wide range of lending and banking products and services. The bank revised its MCLR in May, which makes lending products affordable for its customers.
BOI MCLR rate is the minimum interest rate below which the bank cannot charge for a specific loan product.
Bank of India revises its MCLR every month on the 1st. Below are the current MCLR of Bank of India with effect from 01.05.2025:
- Overnight: 8.15%
- 1 Month: 8.45%
- 3 Months: 8.60%
- 6 Months: 8.85%
- 1 Year: 9.05%
- 3 Years: 9.20%
You can also check the advantages of taking a Bank of India Loan Against Property Online.
Bank of India Home Loan Interest Rate & MCLR
The current MCLR Rate of Bank of India with effect from 01 May 2025 is mentioned below:
| Tenure | Bank of India MCLR Rate |
|---|---|
| Overnight | 8.15% |
| 1 Month | 8.45% |
| 3 Months | 8.60% |
| 6 Months | 8.85% |
| 1 Year | 9.05% |
| 3 Years | 9.20% |
The above MCLR rate of Bank of India are not applicable anymore as the bank charges interest rates based on the Repo Linked Benchmark Lending Rate (RBLR) now, which is 9.20% w.e.f. 01.05.2025:
Following are the current Bank of India home loan interest rates linked with RBLR:
| CIBIL Score | Interest Rates (p.a.) for Salaried | Interest Rates (p.a.) for Non-Salaried |
|---|---|---|
| Star Home Loan/ Star Smart Home Loan/ Star Diamond Home Loan | ||
| 825 and above | 8.30% | |
| 800 to 824 | 8.40% | |
| 760 and 799 | 8.60% | |
| 725 and 759 | 8.70% | |
| 675 and 724 | 9.10% | |
| Home Loans linked with CIBIL Score (in case of Individuals) | ||
| 9.25% (irrespective of loan amount & for individuals) | ||
| 760 & above | 9.35% (no concession for women beneficiary) | |
| 725 to 759 | 9.50% for women & 9.55% for others | 9.60% for women & 9.65% for others |
| 675 to 724 | 9.70% for women & 9.75% for others | 10.30% for women & 10.35% for others |
| Below 675 | 9.75% for women & 9.80% for others | 10.35% for women & 10.40% for others |
| -1 & 0 | 9.60% for women & 9.65% for others | 9.70% for women & 9.75% for others |
| Home Loans presently not linked to CIBIL Score (entities other than individuals & Star Pravasi Loan) | ||
| For Star Pravasi (Women Beneficiary) | 8.60% | |
| For Others (Star Pravasi, Corporates, etc.) | 8.70% | |
Bank of India 1-Year MCLR Rate
Bank of India MCLR Rate today is 9.05% for a 1-year tenure with effect from 01st May 2025.
Even a small change in this rate can have a significant impact on your Bank of India Home Loan interest rates or other lending product rates of the bank, linked to MCLR. Hence, you must track the updated MCLR rates of the bank each month. A change in the MCLR can affect your loan Equated Monthly Instalments (EMIs) as well.
Bank of India MCLR Rate History
There has been a significant fluctuation in the MCLR rates of the Bank of India in the last couple of years. Following is the Bank of India MCLR rate history for the year 2022-2025:
| Last MCLR Updated Date | MCLR |
|---|---|
| 01.05.2025 | 8.15% - 9.20% |
| 01.08.2024 | 8.15% - 9.10% |
| 01.06.2024 | 8.10% - 9.10% |
| 01.05.2024 | 8.10% - 9.05% |
| 01.03.2024 | 8.10% - 9.05% |
| 01.02.2024 | 8.10% - 9.00% |
| 01.01.2024 | 8.00% - 9.00% |
| 01.07.2023 | 7.95% - 8.85% |
| 01.06.2023 | 7.95% - 8.85% |
| 01.05.2023 | 7.90% - 8.80% |
| 01.04.2023 | 7.90% - 8.80% |
| 01.03.2023 | 7.50% - 8.70% |
| 01.02.2023 | 7.50% - 8.60% |
| 01.01.2023 | 7.30% - 8.50% |
| 01.12.2022 | 7.30% - 8.35% |
| 01.11.2022 | 7.05% - 8.10% |
| 01.10.2022 | 6.95% - 8% |
| 01.09.2022 | 6.85% - 7.80% |
| 01.08.2022 | 6.80% - 7.80% |
| 01.07.2022 | 6.70% - 7.70% |
| 01.06.2022 | 6.70% - 7.70% |
| 01.05.2022 | 6.60% - 7.70% |
| 01.04.2022 | 6.60% - 7.70% |
| 01.03.2022 | 6.60% - 7.70% |
| 01.02.2022 | 6.60% - 7.70% |
| 01.01.2022 | 6.60% - 7.70% |
Bank of India MCLR Rate FAQs
The current MCLR rate of Bank of India w.e.f. 01.05.2025 varies between 8.15% - 9.20% for different tenures.
Some banks provide the facility to switch your home loan from base rate to MCLR by charging nominal conversion fees. If your bank does not offer this service, you can always transfer your current home loan outstanding to another bank or financial institution.
MCLR is calculated by considering the tenure of the loan. The risk involved increases as the tenure increases. To cover this risk, lenders charge a premium, which is also considered when determining the MCLR interest rate.
The Base Rate is based on the average cost of funds, whereas the MCLR is based on the marginal cost of funds. The calculation of Base Rate is done by considering the profit margin or minimum rate of return, whereas MCLR is calculated considering tenure premium.
MCLR is the abbreviation for Marginal Cost of Funds Based Lending Rate. Banks use MCLR for calculating the interest rate on various loans, including home loans. MCLR was introduced by RBI to bring in more transparency to the way banks determined lending rates. Another reason was to permit seamless and quick adjustment of the lending rate of interest based on policy changes by the RBI.
Functionally they both are same, as both of them function as the lower limit of interest rates that a bank or other financial institutions can charge the borrower.
The effective date of MCLR in the Bank of India is 01.05.2025.
An increase in the MCLR will lead to higher interest rates on loans and higher EMIs for borrowers. However, it is crucial to note that MCLR is not the only factor in determining the interest rate on a home loan.
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