look news india
HDFC Bank increased interest rates: With the RBI keeping interest rates high for the ninth consecutive day as borrowers are burdened with higher EMIs, the country's top private sector bank has shocked customers by raising loan rates.
Interest rates increased
Top private sector bank HDFC Bank has revised its interest rates including marginal cost of lending rates (MCLR) for various periods. Which has affected the loan holders. The bank has increased the MCLR rates by 5 basis points, the new rates are effective from 7 September 2024.
Home loans have become expensive
HDFC Bank has increased the interest rates on loans for different periods by 5 basis points. After the new change, MCLR has been increased by 5 basis points for a period of three months. With this, the interest rate for 3 months has increased from 9.25 percent to 9.30 percent. Similarly, the new interest rate for a 6-month loan will be 9.30 percent, for one year it will be 9.45 percent and for two years it will be 9.45 percent.
Now you will have to pay more interest
Due to this decision of the bank, people taking home loans, car loans, education loans will have to pay more interest. As their EMI increases, they have to pay more interest. The total burden on borrowers has increased. Not only HDFC Bank but the country's largest bank State Bank of India has also increased interest rates on loans of different tenures by 10 basis points last month. Apart from SBI, Canara Bank, UCO Bank and Bank of Baroda have also increased interest on loans.