May Home Loan Interest Rates: If you are considering taking a home loan, personal loan, or auto loan, then it is important to know which bank has the lowest interest rate. In April 2025, many big banks updated their MCLR Marginal Cost of Lending Rate. Based on this rate, banks decide the EMI of your loan.
Home Loan Interest Rate: If you are considering taking a home loan, personal loan, or auto loan, then it is important to know which bank has the lowest interest rate. In April 2025, many big banks updated their MCLR, Marginal Cost of Lending Rate. Based on this rate, banks decide the EMI of your loan. Let us know which bank has the lowest loan rate and whose offer can be beneficial for you.
What is MCLR?
MCLR is the minimum interest rate at which banks give loans. If the MCLR of a bank decreases, then the customers get a direct benefit from it – either the EMI is reduced or the loan is repaid quickly.
Which bank has the lowest interest rate?
Bank of Baroda BOB
1 year MCLR: 9%
Other tenure rates: 8.15% overnight, 8.35% 1 month, 8.55% 3 months, 8.80% 6 months
HDFC Bank
HDFC reduced interest rates in April.
1 year MCLR: 9.30% was earlier 9.40%
Rates for all tenures have come down to between 9.10% and 9.35%
Canara Bank
Rates have been kept stable.
1 year MCLR: 9.10%
Other rates: 8.30% overnight, 8.90% 6 months, 9.30% 3 years
Bank of India (BOI)
No change made.
1-year MCLR: 9.05%
Rates for other tenures: 8.25% to 9.20%
SBI – State Bank of India
SBI has also not changed its rates.
1-year MCLR: 9%
Other rates: 8.20% overnight, 8.55% 3 months, 8.90% 6 months
Who is offering the cheapest loans?
If you want to take a loan for 1 year or more, then SBI and Bank of Baroda are currently offering the cheapest loans – both have a 1-year MCLR of just 9%. If you want to take a very short loan of 1-3 months, then SBI and BOI have the lowest rates.
