look news india
HDFC Bank hikes interest rate: Leading private sector bank HDFC Bank has decided to change its interest rates. The bank has announced changes in marginal cost lending rates (MCLR) for different tenures. The new rates are effective from Saturday 7 September 2024. According to the information given on the official website of the bank, the bank has announced an increase of 5 basis points (BPS) in interest rates.
HDFC Bank has announced an increase of 5 basis points in MCLR for a period of three months. The new rates have increased from 9.25 percent to 9.30 percent. The bank is offering an overnight interest rate of 9.10 percent. For loans with a tenure of six months, the bank is offering an interest rate of 9.30 percent instead of 9.25 percent. The bank is offering an interest rate of 9.45 percent for a tenure of one year. Along with this, the bank is offering an interest rate of 9.45 percent on loans for two years.
What will be the impact on customers?
Any change in the marginal cost of lending rate directly affects the EMI of home loans, car loans, education loans. Due to this increase, customers will now have to pay more EMI than before. It is worth noting that most of the borrowers have been paying high interest rates on their EMIs for a long time. In such a situation, the burden on their pockets is increasing.
