Loan borrowers alert! Be prepared to pay more EMI as HDFC Bank hikes lending rates
Zee News
The three-month and six-month MCLRs are both 7.60 percent and 7.70 percent.
New Delhi: HDFC Bank, India's largest private sector lender, has raised its marginal-cost based lending rate (MCLR) by 35 basis points across the board (bps). The bank's rate hike comes ahead of widespread anticipation that the Reserve Bank of India (RBI) will raise interest rates sharply tomorrow.
After the recent rate hike, the overnight MCLR at HDFC Bank is 7.50 percent, while the one-month MCLR is 7.55 percent, according to the bank's website. The three-month and six-month MCLRs are both 7.60 percent and 7.70 percent.
The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent. According to HDFC Bank's website, these new rates will take effect on Tuesday, June 7, 2022. The increase in HDFC Bank's lending rate will increase the cost of EMIs on house and other loans that are dependent on its marginal cost of funds.
HDFC Bank's tenor-wise MCLRs:
Overnight - 7.50%
