DelhiDesk HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) by 5-15 basis points across tenures, effective from May 8, 2023, according to the bank’s website. The overnight MCLR is now 7.95%, the MCLR for one month is 8.10%, and the three-month and six-month MCLRs will be 8.40% and 8.80% respectively. The one-year MCLR, linked to many consumer loans, is 9.05%, the two-year MCLR is 9.10%, and the three-year MCLR is 9.20%. Following the Reserve Bank of India’s repo rate hikes since May 2022, the equated monthly installments (EMIs) have gone up significantly, and banks have been continuously increasing lending rates. Last month, the Reserve Bank of India allowed HDFC Bank to meet PSL requirements in a staggered fashion over three years to smooth out its merger with its parent company Housing Development Finance Corp.

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– HDFC Bank has hiked its marginal cost of funds-based lending rates (MCLR) by 5-15 basis points (bps) across tenures.
– The new loan interest rates are effective from May 8, 2023, as per HDFC Bank’s website.
– The overnight MCLR is now 7.95%, and the MCLR for one month is 8.10%.
– The three-month and six-month MCLRs will be 8.40% and 8.80%.
– The one-year MCLR, which is linked to many consumer loans, will now be 9.05%.
– The two-year MCLR will be 9.10%, and the three-year MCLR will be 9.20%.
– Home loan borrowers are facing increased equated monthly installments (EMIs) due to Reserve Bank of India’s repo rate hikes and banks continuously hiking lending rates.
– The RBI permitted HDFC Bank to meet PSL requirements in a staggered fashion over three years to smooth out its merger with its parent company Housing Development Finance Corp.
– As of May 5th, HDFC Bank’s market cap stood at over ₹9.07 lakh crore, while HDFC’s m-cap was at over ₹4.95 lakh crore.
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HDFC Bank hikes lending rates by 5-15 basis points across tenures

Here is the news bullets sorted by DelhiBreakings.com team.

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