HDFC Bank has recently increased its Marginal Cost of Funds Based Lending Rates (MCLR) by 10 basis points. This change, effective from January 8, 2023, is likely to impact customers who have loans from HDFC Bank.
Key Highlights
HDFC Bank’s MCLR Rates
- Current MCLR Rates: HDFC Bank’s MCLR rates now range from 8.80% to 9.30%.
- Specific Increases:
- Overnight MCLR increased by 10 basis points from 8.80% to 8.90%.
- One-month MCLR increased by 5 basis points from 8.75% to 8.80%.
- Three-month MCLR increased from 8.95% to 9%.
- Six-month MCLR increased to 9.20%.
- One-year MCLR increased by 5 basis points from 9.20% to 9.25%. This rate is crucial as most loans are linked to the one-year MCLR.
- Three-year MCLR remains unchanged at 9.30%.
Other Banks Also Increase Loan Rates
- SBI: Recently raised its interest rate for customers with high credit scores to 8.85%.
- Bank of Baroda: Increased the minimum interest rate on auto loans to 8.8%.
- Union Bank: Raised the interest rates on selected tenure personal and auto loans.
- IDFC First Bank: Increased the starting interest rate on personal loans to 10.75%.
- Bank of Maharashtra: Contrarily, reduced the interest rate on home loans to 8.35%.
In Short About HDFC New MCLR.
The increase in MCLR rates by HDFC Bank, along with similar moves by other major banks, indicates a trend of rising loan costs. Customers with existing or prospective loans should review these changes as they could affect their loan repayment amounts.
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