HDFC Bank hikes loan interest rates by up to 10 basis points; Will loan EMIs rise?

HDFC Bank hikes loan interest rates by up to 10 basis points; Will loan EMIs rise?

New Delhi: HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), with effect from July 8, 2024. The country’s largest private sector bank has hiked the lending rates by up to 10 basis points (bps) on certain tenures compartes to previous rates. Following the revision, HDFC Bank MCLR interest rates will now range between 9.05 per cent and 9.40 per cent.

Marginal Cost of Funds-Based Lending Rates is the minimum interest rate that a bank can lend at. The lenders decide their MCLR based on marginal cost of funds, operating costs, and the tenure. MCLR sets the lower limit of the interest rate for a loan.

As per the revised MCLR, HDFC Bank has decreased the lending rate by 10 bps on overnight tenure from 8.95 per cent to 9.05 per cent. For one month, the bank has raised it from 9% to 9.10%, an increase of 10 bps. For month tenure, it has been increased from 9.15% to 9.20%; for the six-month MCLR it has surged from 9.30% to 9.35%. The bank has increased the one year MCLR to 9.40% from 9.30%. The two-year and three-year MCLR is increased to 9.40%.

HDFC Bank increases loan interest rates

Tenures
MCLR

Overnight
9.05%

1 Month
9.10%

3 Month
9.20%

6 Month
9.35%

1 Year
9.40%

2 Year
9.40%

3 Year
9.40%

HDFC Bank home loan

HDFC Bank offers interest rates starting from 8.75*% p.a. This rate of interest is applicable to Home Loans, Balance Transfer Loans, House Renovation and Home Extensions Loans.

Special Home Loan Rates for Salaried & Self Employed (Professionals & Non-Professionals)

For All Loans* Policy Repo Rate + 2.25% to 3.15% = 8.75% to 9.65%

HDFC Bank personal loan

The bank says the interest on Personal Loan depends on various factors such as CIBIL score, Repayment History, Principal amount, Tenure. The minimum salary for Personal Loans is Rs 25,000 net income per month.

 EMI of Home, Auto, Personal Loans expected to increase as HDFC Bank hiked marginal cost of funds-based lending rates (MCLR) By 0.10 per cent.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today