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Yes Bank MCLR
Yes Bank MCLR varies between 9.40% - 10.60% for different tenures. Yes Bank MCLR rate is the minimum interest rate below which the bank cannot levy interest rate for a specific loan. The MCLR is a crucial factor in deciding 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 fixed by the Reserve Bank of India (RBI) for all banks. This rate aids banks to decide the minimum interest rate for various types of lending products. Banks are not allowed to lend below their MCLR, or else they will have to deal with strict regulatory action.
Following are the current Yes 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 |
|---|---|---|---|---|---|---|---|
| Yes Bank | 9.40% | 9.75% | 10.20% | 10.45% | 10.60% | NA | NA |
| Bank of India | 8.10% | 8.35% | 8.45% | 8.65% | 8.85% | NA | 9.05% |
| 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 |
| IndusInd Bank | 10.00% | 10.05% | 10.20% | 10.35% | 10.40% | 10.40% | 10.40% |
| IDFC FIRST Bank | 9.60% | 9.60% | 9.85% | 10.20% | 10.35% | NA | NA |
| 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% |
| HSBC Bank | 8.55% | 8.70% | 8.85% | 8.95% | 9.00% | NA | NA |
Table of Contents: Yes Bank MCLR [Hide]
MCLR Rate of Yes Bank
Yes Bank MCLR rate today ranges from 9.40% - 10.60% for different tenures with effect from 1st March 2024. These MCLR rates will be applicable till the next review done by the bank. Yes Bank is one of the most prestigious banks in India that offers a variety of lending products and banking services. The bank revised its MCLR recently in Feb, which makes its lending products affordable for its customers.
The MCLR rate of Yes Bank is the minimum rate below which the bank cannot charge interest for a specific loan product.
Yes Bank revises its MCLR on the 1st of each month. Below are the current MCLR of Yes Bank with effect from 01.03.2024:
- Overnight: 9.40%
- 1 Month: 9.75%
- 3 Months: 10.20%
- 6 Months: 10.75%
- 1 Year: 10.60%
You can also check different features & benefits of Yes Bank Loan Against Property Online.
Yes Bank MCLR Rate Trend
Below is the Yes Bank MCLR rate trend in the year 2021 - 2024:
| Last MCLR Updated Date | Tenure | MCLR |
|---|---|---|
| 01.03.2024 | Overnight | 9.40% |
| 1 Month | 9.75% | |
| 3 Months | 10.20% | |
| 6 Months | 10.45% | |
| 1 Year | 10.60% | |
| 01.01.2024 | Overnight | 9.20% |
| 1 Month | 9.45% | |
| 3 Months | 10.00% | |
| 6 Months | 10.25% | |
| 1 Year | 10.50% | |
| 01.12.2023 | Overnight | 9% |
| 1 Month | 9.25% | |
| 3 Months | 9.90% | |
| 6 Months | 10.15% | |
| 1 Year | 10.50% | |
| 01.07.2023 | Overnight | 8.65% |
| 1 Month | 8.90% | |
| 3 Months | 9.55% | |
| 6 Months | 9.85% | |
| 1 Year | 10.15% | |
| 01.06.2023 | Overnight | 8.55% |
| 1 Month | 8.80% | |
| 3 Months | 9.45% | |
| 6 Months | 9.75% | |
| 1 Year | 10.05% | |
| 01.02.2023 | Overnight | 8.40% |
| 1 Month | 8.60% | |
| 3 Months | 9.15% | |
| 6 Months | 9.50% | |
| 1 Year | 9.90% | |
| 01.07.2022 | Overnight | 7.60% |
| 1 Month | 7.90% | |
| 3 Months | 8.25% | |
| 6 Months | 8.70% | |
| 1 Year | 8.95% | |
| 01.06.2022 | Overnight | 7.10% |
| 1 Month | 7.55% | |
| 3 Months | 7.70% | |
| 6 Months | 8.50% | |
| 1 Year | 8.75% | |
| 01.05.2022 | Overnight | 6.85% |
| 1 Month | 7.30% | |
| 3 Months | 7.45% | |
| 6 Months | 8.25% | |
| 1 Year | 8.60% | |
| 01.12.2021 | Overnight | 6.35% |
| 1 Month | 6.85% | |
| 3 Months | 7.05% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.11.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.10.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.09.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.08.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.07.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.06.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.05.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.04.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.03.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.95% | |
| 6 Months | 8% | |
| 1 Year | 8.45% | |
| 01.02.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.90% | |
| 6 Months | 7.95% | |
| 1 Year | 8.40% | |
| 01.01.2021 | Overnight | 6.20% |
| 1 Month | 6.60% | |
| 3 Months | 6.90% | |
| 6 Months | 8.05% | |
| 1 Year | 8.40% |
Compare Loan Against Property Loan Interest Rates @8.85% from multiple Banks and NBFCs.
Yes Bank Home Loan Interest Rate & MCLR
Current MCLR Rate of Yes Bank with effect from 01st March 2024 are mentioned below:
| Tenure | Yes Bank MCLR Rate |
|---|---|
| Overnight | 9.40% |
| 1 Month | 9.75% |
| 3 Months | 10.20% |
| 6 Months | 10.45% |
| 1 Year | 10.60% |
The above MCLR rate of Yes Bank are not applicable anymore as at YES BANK Limited, RBI Repo Rate is the External Benchmark, in terms of the extant RBI Circular.
Previously Bank was using 6 Month Certificate of Deposit (CD) rate published by Financial Benchmarks India Private Limited (‘FBIL’) as its reference rate, but now it has shifted to RBI Repo Rate.
The bank offers its customers the option of shifting the benchmark on their loan interest rate (floating rate) on the credit facilities availed by them from Base Rate/MCLR/External Benchmark linked to 6M CD rate to an External Benchmark linked to RBI Repo Rate.
Currently, Yes Bank home loan interest rates range from 9.40% - 10.25% p.a. as per the the current Yes Bank repo rate. In addition to the interest rate, the bank also charges a processing fee of 1.5% of the loan amount or Rs. 10,000, whichever is higher (plus GST).
Yes Bank 1 Year MCLR Rate
Yes Bank 1 year MCLR today is 10.60% w.e.f. 01st Mar 2024. This rate is valid till the next review of the bank, i.e. 1st April 2024. The 1-year Yes Bank MCLR is updated every month on the 1st. Even a little change in the MCLR can have a considerable impact on your Yes Bank Home Loan interest rates or interest rates of other lending products of the bank, linked to MCLR. Hence, you must keep checking the updated MCLR rates of the bank every month. A change in the MCLR can affect your loan Equated Monthly Instalments (EMIs) too.
Yes Bank MCLR Rate History
There has been a significant fluctuation in the MCLR rates of the Yes Bank in the last few years. Following is the Yes Bank MCLR history for the year 2021-2024:
| Last MCLR Updated Date | MCLR |
|---|---|
| 01.03.2024 | 9.40% - 10.60% |
| 01.01.2024 | 9.20% - 10.50% |
| 01.12.2023 | 9% - 10.50% |
| 01.07.2023 | 8.65% - 10.15% |
| 01.06.2023 | 8.55% - 10.05% |
| 01.02.2023 | 8.40% - 9.90% |
| 01.07.2022 | 7.60% - 8.95% |
| 01.06.2022 | 7.10% - 8.75% |
| 01.05.2022 | 6.85% - 8.60% |
| 01.12.2021 | 6.35% - 8.45% |
| 01.11.2021 | 6.20% - 8.45% |
| 01.10.2021 | 6.20% - 8.45% |
| 01.09.2021 | 6.20% - 8.45% |
| 01.08.2021 | 6.20% - 8.45% |
| 01.07.2021 | 6.20% - 8.45% |
| 01.06.2021 | 6.20% - 8.45% |
| 01.05.2021 | 6.20% - 8.45% |
| 01.04.2021 | 6.20% - 8.45% |
| 01.03.2021 | 6.20% - 8.45% |
| 01.02.2021 | 6.20% - 8.40% |
| 01.01.2021 | 6.20% - 8.40% |
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Yes Bank MCLR Rate FAQs
What is the MCLR lending rate of Yes Bank?
Yes Bank MCLR varies between 9.40% to 10.60% for different tenures w.e.f. 01.03.2024.
What is the MCLR rate today?
Yes Bank MCLR today is as follows:
- Overnight: 9.40%
- 1 Month: 9.75%
- 3 Months: 10.20%
- 6 Months: 10.75%
- 1 Year: 10.60%
Which bank has lowest MCLR rate?
At present, State Bank of India has the lowest MCLR rate as mentioned below:
| SBI MCLR Rate | 8% | 8.20% | 8.20% | 8.55% | 8.65% | 8.75% | 8.85% |
What is the MCLR rate of Yes Bank in 2024?
The MCLR rates in Yes Bank w.e.f. 01.03.2024 are:
- Overnight: 9.40%
- 1 Month: 9.75%
- 3 Months: 10.20%
- 6 Months: 10.75%
- 1 Year: 10.60%
Is MCLR always lesser than the base rate? If yes, then why?
MCLR is linked to the cost of deposits of banks and is liable to revision every month. At present, it is about 1% below the base rate of banks. However, it is uncertain to say that whether it will surpass the base rate in future or not, but the present trend suggests that MCLR is going to remain below the base rate for the next many years.
What are MCLR rates on banking and finance?
MCLR (Marginal Cost of Funds Based Lending Rate) is used by banks for calculating the interest rate on various loan products, including home loans. MCLR was introduced by RBI to make the way banks determine lending rates a transparent process. Another reason was to allow hassle-free and quick adjustment of the lending rate based on policy changes by the RBI.
How can you switch a home loan base rate to MCLR?
Some banks offer the facility to switch your home loan from base rate to MCLR by charging a nominal conversion fee. If your bank does not offer this facility, you can transfer your current housing loan outstanding to another bank or financial institution.
Which one is better, MCLR or base rate in banking?
Functionally they both are similar, as both function as the lower limit of interest rates that a bank or other financial institution can charge the borrower.
How is MCLR calculated?
MCLR is calculated by taking the tenure of the loan into account. The risk involved increases as the tenure rises. To cover this risk, lenders levy a premium, which is also taken into consideration when determining the MCLR interest rate.
What is the overnight MCLR rate of Yes Bank?
Overnight MCLR Rate of Yes Bank is 9.40%.
