look news india
HDFC Bank Home Loan Interest Rate: There is good news for the customers of private sector bank HDFC. If you are planning to take a loan from a bank or have taken a loan, then let us tell you that the bank has revised its Marginal Cost of Lending Rate (MCLR). The bank has reduced the MCLR. After the change in MCLR, the interest rates of all types of loans like home loan, car loan, personal loan and education loan etc. will change. The burden of EMI on the customers will be reduced. The new rates are effective from 7 June 2024 i.e. Saturday. The MCLR of the bank is between 8.95 percent to 9.35 percent.
Know the MCLR rate of HDFC Bank
HDFC Bank's overnight MCLR rate has reached 8.95 percent. There has been no change in the bank's one-month MCLR. It is unchanged at 9 percent. The bank's three-month MCLR has become 9.15 percent. For loans of six months duration, MCLR has been reduced to 9.30 percent. For one year to two years, MCLR will be 9.30 percent. It has been revised by 5 basis points. The bank's two-year MCLR is 9.30 and three-year MCLR is 9.35 percent. There has been no change in MCLR for more than three years.
What is MCLR?
Through the Marginal Cost of Lending Rate (MCLR), banks determine the interest rates for various types of loans such as home loans, car loans, personal loans, business loans, etc. When the MCLR increases, the EMI burden on consumers increases, when it decreases, the EMI burden reduces.
RBI did not change the repo rate
The Reserve Bank did not make any change in the repo rate in the Monetary Policy Committee meeting. The repo rate is currently fixed at 6.50 percent. There has been no change in the repo rate in the 8th consecutive meeting of the Monetary Policy Committee of the Reserve Bank. The central bank's MPC last changed the repo rate in February 2023. Then it was increased to 6.5 percent, that is, the repo rate remained at this level for 16 months.
Current Rates
- Policy Repo Rate: 6.50%
- Fixed Deposit Facility Rate: 6.25%
- Marginal Standing Facility Rate: 6.75%
- Bank Rate: 6.75%
- Fixed reverse repo rate: 3.35%
- reserve ratio
- CRR: 4.50%
- SLR : 18.00%
