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HDFC Bank Hike Loan Rates: HDFC, one of the leading private sector banks, had increased the loan interest rate even before the decision of the Monetary Policy Committee of RBI was announced. HDFC Bank has increased the benchmark Marginal Cost of Fund Based Lending Rate (MCLR). It has increased by up to 15 basis points. The increased rate is effective from 7 June 2023.
How much is the current MCLR
According to HDFC Bank’s website, MCLR has been increased by 15 bps to 8.10 per cent for overnight. HDFC’s MCLR has been increased by 10 bps to 8.20 per cent for one month. MCLR for three months has increased by 10 bps to 8.50 per cent.
The six-month MCLR has been increased by only 5 points and it has increased from 8.80 percent to 8.85 percent. There is no change in MCLR for one year tenure and it is 9.05 percent. Apart from this, the MCLR for the two-year tenure is 9.10 per cent and for the three-year tenure, the MCLR is 9.20 per cent.
who will be affected
In May, HDFC Bank increased the MCLR by up to 15 bps for certain tenures. This MCLR will not impact home loan customers of HDFC, as most of the mortgages are availed through HDFC Ltd., the parent business of HDFC. These rates will be applicable only for old borrowers of personal loan and car loan (floating rate loan) and other loans linked to MCLR.
What is MCLR
Marginal cost of funds based lending rate or MCLR is the minimum interest charged on the loan. It can also be called a lower interest rate for the loan. No bank can offer loan to the customers at less interest than this. It can be changed from time to time as per requirement.
RBI did not change the repo rate
The Reserve Bank of India has not made any change in the repo rate. Like the decision taken in the last Monetary Policy Committee meeting, this time again no change has been made in the repo rate. It is still kept constant at 6.50 per cent. In such a situation, there is a possibility that the bank can cut the interest rate of the home loan.
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