HDFC Bank Recent Interest Rate Hike : In a significant move, HDFC Bank, India’s largest private bank, has recently raised its Marginal Cost of Lending Rate (MCLR) by 0.15%, equivalent to a 15 basis point increase. Effective from September 7th, 2023, this change has left an impact on customers who have availed home loans, car loans, personal loans, and various other financial products from the bank.
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This article will provide an in-depth look at this rate hike and how it might affect your Equated Monthly Installments (EMIs).
The Adjusted HDFC Bank MCLR Rates
- Overnight MCLR: The rate has seen an upward adjustment from 8.35% to 8.50%.
- One-month MCLR: It has been raised from 8.45% to 8.55%.
- Three-month MCLR: This rate now stands at 8.80%, up from 8.70%.
- Six-month MCLR: The rate has climbed from 8.95% to 9.05%.
For loans linked to the one-year MCLR, there’s a 0.05% increase, taking it from 9.10% to 9.15%. Loans with terms of one and two years have also witnessed a 0.05% uptick, placing them at 9.20%.
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Revised Base Rate and PLR Rate
HDFC Bank’s revised base rate currently stands at 9.20%, effective from June 16th, 2023. Additionally, the benchmark Prime Lending Rate (PLR) is now at 17.70%.
Understanding the Impact
The adjustment in MCLR rates carries significant implications as MCLR serves as the internal benchmark used by banks for determining interest rates on loans, especially under the floating interest rate system. When MCLR rates rise, it indicates that the cost of borrowing for customers also increases. HDFC Bank’s decision to implement these changes is in line with this fundamental principle.
In summary, if you are an HDFC Bank customer with home, car, or personal loans tied to MCLR, it is advisable to anticipate a slight increase in your EMIs due to this rate hike. It is prudent to review your loan agreements and financial plans to ensure that you are well-prepared for any changes in your monthly