Several banks have recently revised their lending rates, impacting borrowers' Equated Monthly Installments (EMIs) in December 2023. IDBI Bank, ICICI Bank, Canara Bank, Punjab National Bank (PNB), Union Bank of India, Bank of Baroda, and Bank of India have all altered their interest rates across various loan offerings.

Canara Bank's Rate Changes:
Canara Bank implemented alterations to its Marginal Cost Lending Rate (MCLR) for different durations starting December 12, 2023. The bank's overnight rates have decreased to 8%. Rates for one-month loans are now at 8.1%, three-month loans at 8.2%, and six-month loans at 8.55%. Additionally, Canara Bank's one-year loan rate stands at 8.75%, two-year at 9.05%, and three-year at 9.15%. The bank has also reduced its Repo-Linked Lending Rate (RLLR) to 9.25%.

IDBI Bank's MCLR Adjustments:
IDBI Bank's overnight loan rate is now 8.3%. For one month, the MCLR is 8.45%, and for three months, it stands at 8.75%. Effective from December 12, 2023, the six-month MCLR is set at 8.95%, one year at 9%, two years at 9.55%, and three years at 9.95%.

Union Bank of India's New Rates:
Union Bank of India introduced revised MCLR rates, setting the overnight rate at 7.9%, one month at 7.95%, and three months at 8.35%. Moreover, the bank has established the six-month MCLR at 8.6%, one year at 8.8%, and for two and three years at 8.9% and 9.05%, respectively.

Bank of Baroda's MCLR Adjustments:
Bank of Baroda announced changes in its overnight MCLR to 8%. The bank's one-month MCLR is now 8.3%, three months at 8.4%, six months at 8.55%, and one year at 8.75%, effective from December 12, 2023.

ICICI Bank's MCLR Modifications:
ICICI Bank revised its MCLR rates starting December 1, 2023. The bank's overnight rate is 8.5%, with one month, three months, six months, and one year rates at 8.5%, 8.55%, 8.9%, and 9%, respectively.

PNB's MCLR Changes:
Punjab National Bank (PNB) made amendments to its MCLR rates effective from December 1, 2023. The bank's overnight MCLR decreased to 8.2%. PNB's rates for one month, three months, six months, one year, and three years are now at 8.25%, 8.35%, 8.55%, 8.65%, and 9.95%, respectively.

These alterations in lending rates by various banks are expected to impact the borrowing costs and EMIs for customers seeking loans.

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