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IndusInd Bank MCLR Today

IndusInd Bank MCLR ranges from 9.85% - 10.40% w.e.f 22.01.2024 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.

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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 NameOvernight1 Month3 Months6 Months1 Year2 Years3 Years
IndusInd Bank9.05%9.10%9.45%9.85%10.15%10.20%10.20%
Bank of India8.00%8.25%8.40%8.60%8.80%NA9.00%
UCO Bank8.00%8.25%8.40%8.65%8.80%NANA
Yes Bank9.20%9.45%10.00%10.25%10.50%NANA
HDFC Bank8.80%8.80%9.00%9.20%9.25%9.25%9.30%
ICICI Bank8.60%8.60%8.65%9.00%9.10%NANA
SBI8.00%8.20%8.20%8.55%8.65%8.75%8.85%
PNB8.25%8.30%8.40%8.60%8.70%NA9.00%
PSB7.70%7.80%8.30%8.45%8.60%NANA
Axis Bank9.05%9.05%9.15%9.20%9.25%9.35%9.40%
Citibank6.50%6.55%6.75%7.00%6.95%NANA
IDFC FIRST Bank9.50%9.50%9.75%10.10%10.25%NANA
Bank of Baroda8.05%8.30%8.40%8.60%8.80%NANA
Central Bank of India7.95%8.00%8.35%8.55%8.70%NANA
Federal Bank9.05%9.10%9.15%9.25%8.70%NA9.30%
IDBI Bank7.90%8.05%8.35%8.55%8.60%9.20%9.60%
Indian Overseas Bank8.00%8.20%8.40%8.65%8.80%8.80%8.85%
Canara Bank7.90%8.00%8.15%8.45%8.80% NANA 
Kotak Bank8.50%8.75%8.90%9.20%9.35%9.40%9.50%

You can also check IndusInd Bank Home Loan Online.

HDFC Home Loan Offer

MCLR Rate of IndusInd Bank

IndusInd MCLR ranges from 9.85% - 10.40% for different tenures with effect from 22 January 2024. These rates will be valid till the next review by the bank, i.e. on 22 February. 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 22.01.2024:

  • 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%

You can also check IndusInd Bank Loan Against Property Online.

Best Loan against Property in India

IndusInd Bank MCLR Rate Trend

Below is the IndusInd Bank MCLR rate trend in the year 2022 - 2024: 

Last MCLR Updated Date TenureMCLR
22.01.2024Overnight 9.90%
1 Month 9.95%
3 Months10.10%
6 Months10.30%
1 Year10.35%
2 Years10.35%
3 Years10.35%
22.12.2023Overnight 9.85%
1 Month 9.90%
3 Months10.10%
6 Months10.30%
1 Year10.35%
2 Years10.35%
3 Years10.40%
22.04.2023Overnight 9.15%
1 Month 9.20%
3 Months9.55%
6 Months9.95%
1 Year10.20%
2 Years10.25%
3 Years10.30%
22.07.2023Overnight 9.50%
1 Month 9.55%
3 Months9.80%
6 Months10.10%
1 Year10.25%
2 Years10.30%
3 Years10.30%
22.04.2023Overnight 9.15%
1 Month 9.20%
3 Months9.55%
6 Months9.95%
1 Year10.20%
2 Years10.25%
3 Years10.30%
22.01.2023Overnight 8.80%
1 Month 8.85%
3 Months9.20%
6 Months9.65%
1 Year9.95%
2 Years10.10%
3 Years10.15%
22.12.2022Overnight 8.80%
1 Month 8.85%
3 Months9.20%
6 Months9.60%
1 Year9.95%
2 Years10.15%
3 Years10.15%
22.08.2022Overnight 8.25%
1 Month 8.30%
3 Months8.60%
6 Months8.95%
1 Year9.30%
2 Years9.60%
3 Years9.60%
22.07.2022Overnight 8.10%
1 Month 8.15%
3 Months8.40%
6 Months8.70%
1 Year9%
2 Years9.35%
3 Years9.30

IndusInd Home Loan Interest Rate & MCLR

The current IndusInd MCLR rate with effect from 22nd January 2024 are mentioned below:

TenureIndusInd Bank MCLR 
Overnight9.90%
1 Month9.95%
3 Months10.10%
6 Months10.30%
1 Year10.35%
2 Years10.35%
3 Years10.35%

The current IndusInd Bank home loan interest rates range from 9.85% - 10.40% 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 10.35% with effect from 22nd January 2024. This rate is applicable till the next review, i.e. 22nd February 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
22.01.20249.90% - 10.35%
22.12.20239.85% - 10.40%
22.07.20239.50% - 10.30%
22.04.20239.15% - 10.30%
22.01.20238.80% - 10.15%
22.12.20228.80% - 10.15%
22.08.20228.25% - 9.60%
22.07.20228.10% - 9.30%

IndusInd Bank MCLR FAQs

What is MCLR for IndusInd Bank?

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The MCLR of IndusInd Bank w.e.f 22.12.2023 are mentioned below:

TenureIndusInd Bank MCLR 
Overnight9.85%
1 Month9.90%
3 Months10.10%
6 Months10.30%
1 Year10.35%
2 Years10.35%
3 Years10.40%

What is Current MCLR?

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The current IndusInd Bank MCLR rate ranges from 9.85% - 10.40% for different tenures.

What is the difference between Base Rate and MCLR?

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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?

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Currently, Punjab & Sindh Bank has the lowest MCLR.

BankOvernight1 Month3 Months6 Months1 Year
Punjab & Sindh Bank7.90%8.25%8.40%8.75%8.95%

How is MCLR calculated?

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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?

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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?

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RBI introduced MCLR on 1 April 2016.

What is the interest rate of FD in IndusInd Bank 2024?

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The IndusInd Bank Fixed deposit rate is 7.5% p.a. for general citizens and 8.25% p.a for senior citizens.