HDFC Bank gave a shock to the customers, increased the MCLR – know how expensive your loan has become

HDFC Bank Home Loan Interest Rate: Private sector bank HDFC has increased its Marginal Cost of Lending Rate (MCLR) even before the decision of the Monetary Policy Committee meeting of RBI. These increased rates of the bank have become effective from 7 February 2023. The MCLR rate has been updated on the bank’s website.

How much has MCLR increased

According to the HDFC Bank website, the bank has increased the MCLR by 10 basis points (bps). Now the MCLR rate for overnight has been 8.60 percent. MCLR for one month has become 8.60 percent, 8.65 percent for three months, 8.75 percent for six months.

MCLR for one to three years

MCLR for one year has been reduced to 8.90 percent, which was earlier 8.85 percent. At the same time, the MCLR for two years is 9 percent and for three years, the MCLR is 9.10 percent.

What is MCLR

Marginal Cost of Funds Based Lending Rate or MCLR is the minimum interest rate at which financial institutions lend to someone. No bank can give loan to anyone on less interest than this. This rate has been implemented by the central bank.

credit policy of reserve bank of india

After the meeting of the Monetary Policy Committee of the Reserve Bank of India today, RBI Governor Shaktikanta Das will give information about the decision taken in the meeting. In such a situation, there is a possibility that RBI can increase the repo rate by 25 basis points. If this happens then home loan, car loan, personal loan etc. of the banks will all become expensive. Most of the financial experts believe that today RBI can increase the repo rate by 0.25 percent and the EMI of your loan will be expensive.

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