HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 15 basis points on select tenures. The new rates are effective from August 7, 2023, according to the HDFC Bank website.
Latest HDFC Bank MCLR
The bank’s overnight MCLR as been raised by 10 bps to 8.35 per cent from 8.25 per cent. The one-month MCLR of HDFC Bank has increased by 15 bps to 8.45per cent from 8.30 per cent. The three-month MCLR will be at 8.70 per cent, up by 10 basis points from the previous 8.60 per cent. The six-month MCLR, however, was only increased by 5 bps to 8.95 per cent from the prior 8.90 per cent. However, MCLRs for tenures longer than one year remain unchanged. The one year MCLR, which is linked to many consumer loans, is at 9.10 per cent from 9.05 per cent. The bank has increased two-year to 9.15 per cent and three- year to 9.20 per cent.
| Effective Date: August 07 , 2023 | |
| Tenor | MCLR |
| Overnight | 8.35% |
| 1 Month | 8.45% |
| 3 Month | 8.70% |
| 6 Month | 8.95% |
| 1 Year | 9.10% |
| 2 Year | 9.15% |
| 3 Year | 9.20% |
What is MCLR?
According to the HDFC Bank website, “The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.”
Other HDFC rates
The revised Base Rate will be 9.20% and will be effective from June 16, 2023. Benchmark PLR – 17.70% p.a. with effect from June 16, 2023.???????RBI monetary policy
The monetary policy panel of the Reserve Bank will meet for three days (8–10 August). The Governor will make the announcement on August 10 at 10 am regarding the policy rates and announcements.
HDFC Ltd and HDFC Bank merger
After the merger the loan account will be transferred to HDFC Bank. Your customer login credentials will not change, and you can continue to access the portal and avail of the bank’s services. The merger will not have any impact on your EMI; it will remain unchanged.
Source Link
