MCLR revised for multiple tenors, effective 20 October 2026
South Indian Bank has revised its Marginal Cost of Funds Based Lending Rates (MCLR) for multiple tenors, effective 20th October, 2026.
By ScoutQuest · · 1 min read
- Overnight MCLR
- 8.20%
- One-year MCLR
- 9.50%
- Effective date
- 20th October, 2026
The revised rates
- Overnight MCLR: 8.20%
- One-month MCLR: 8.55%
- Three-month MCLR: 9.25%
- Six month MCLR: 9.30%
- One year MCLR: 9.50%
What MCLR is
MCLR stands for Marginal Cost of Funds Based Lending Rates. It is the benchmark minimum interest rate a bank sets for lending, worked out from its cost of funds. Loans are typically priced as the MCLR of a chosen tenor plus a spread set by the bank for that borrower and product.
Why the tenor matters
The rates above are not one number but five, one for each tenor from overnight money to one year. A loan linked to the one-year MCLR is priced off 9.50%, while one linked to the six-month MCLR is priced off 9.30%. Which tenor applies depends on the loan agreement.
Who this concerns
- Borrowers whose loan rate is linked to any of these tenors, since their effective rate is set off the benchmark.
- Readers tracking the bank's lending rates as a signal of how it is pricing credit.
What to keep in mind
The figures are the benchmark rates, not the rate every borrower pays; the actual rate on a loan also includes the spread and any other terms in the agreement.
The change is effective 20th October, 2026, and the bank's intimation is dated October 17, 2026. The revised rates are also hosted on the bank's website, www.southindianbank.bank.in.
Also from South Indian Bank
Q2 FY27 earnings call: profit INR426 crores, NIM 3.33%, gross NPA 1.24%
23 Oct 2026
South Indian Bank investors/analysts conference call held Oct 16, 2026; audio recording put on website
16 Oct 2026
South Indian Bank management discussed treasury sensitivity, gold loan growth of 41% YoY, and ruled out any strategic capital raise for now
16 Oct 2026
More numbers
- Overnight MCLR8.20%
- One-month MCLR8.55%
- Three-month MCLR9.25%
- Six month MCLR9.30%
- One year MCLR9.50%
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