HDFC Bank Hikes Interest Rates: The increased rates of HDFC Bank have come into effect from yesterday, 7th September, which means the way has been cleared for the EMIs of customers to become expensive. Know how expensive your loan has become.
HDFC Bank Hikes MCLR: HDFC Bank, the country’s largest private bank, has made loans costlier for its customers. From tomorrow i.e. September 7, bank customers will have to pay more interest on some selected loans of HDFC Bank. HDFC Bank has increased the benchmark Marginal Cost of Lending Rate (MCLR) rates by 15 basis points or 0.15 per cent. These increased rates have been implemented from yesterday, September 7, which means the way for customers’ EMIs to become expensive has been cleared. Now customers will have to spend more on HDFC home loan, car loan, personal loan etc.
What is the latest MCLR of HDFC Bank?
After an increase of 15 bps in HDFC Bank’s overnight MCLR, it has increased from 8.35 per cent to 8.50 per cent. One month MCLR has increased by 0.10 percent and it has increased from 8.45 percent to 8.55 percent. The three-month MCLR has increased by 10 basis points from 8.70 per cent to 8.80 per cent. The six-month MCLR has increased by 10 basis points and has come down from 8.95 per cent to 9.05 per cent.
How much has your loan MCLR increased
For many consumer loans which are linked to one year MCLR, MCLR has been increased by 5 basis points. It has increased from 9.10 percent to 9.15 percent. Apart from this, the bank has increased the MCLR by 0.05 percent for one year and two years and it has increased from 9.20 percent to 9.20 percent.
Other rates of HDFC Bank
The revised base rate is effective from June 16 and it has been revised to 9.20 percent. The benchmark PLR rate is revised to 17.70 percent.
Why loans become expensive due to increase in MCLR?
MCLR or Marginal Cost of Funds Based Lending Rate was launched in 2016 by India’s banking regulator, Reserve Bank of India. MCLR is now applicable as an internal benchmark of banks for providing credit and home loans, which can also be called floating interest rate regime. MCLR is directly linked to home loan EMIs availed by home buyers. Therefore, due to increase in MCLR, the loans of banks become expensive and HDFC Bank has done the same.
