New Delhi: HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) by up to 5 basis points (bps) for select tenures, effective immediately. After the revised rate, the private lender’s MCLR interest rates increased to a range of 9.10 per cent to 9.50 per cent. The hiked MCLR will impact the borrowing costs for consumers. The rates are applicable from October 7, 2024.
The one-year MCLR remains at 9.45 per cent. HDFC Bank increased the three-year MCLR from 9.45 per cent to 9.50 per cent. For overnight loans, 9.10 per cent is the MCLR, for one-month loans, it is 9.15 per cent, and 9.30 per cent for three-month loans.
The MCLR, or Marginal Cost of Funds-Based Lending Rate is a benchmark set by the Reserve Bank of India (RBI) according to which the banks finalise the lowest interest rate they can offer on various loans like personal loans, home loans, car loans, business loans etc.
HDFC Bank has raised its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) on select tenures. The rates will come into effect from October 7, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
