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HDFC Bank Loan Interest Rates: HDFC Bank has increased its Marginal Cost of Funds Based Lending Rates (MCLR) by 5 basis points (bps) for two short tenures. After the change, HDFC Bank's MCLR interest rate has ranged between 9.15% to 9.50%. The new rate has come into effect from 7 November 2024. The bank has increased the interest rate by 5 basis points for one month and by 3 basis points for a period of three years.
One month MCLR increased from 9.15% to 9.20%
Apart from these two periods, the bank has not made any change in any loan rate. Overnight MCLR has increased from 9.10% to 9.15%. Similarly, one month MCLR has increased from 9.15% to 9.20%. The bank is offering 9.30% interest rate for a period of three months. MCLR for a period of six months is 9.45%. MCLR for the tenure of one year is 9.45%, which is linked to the loan of the customers, it is 9.45%. The MCLR for a two-year tenure is 9.45% and for a three-year tenure the MCLR is 9.50%.
The new base rate of the bank has also become 9.45%
HDFC Bank has earlier changed its interest rate from September 9, 2024. Now if you take a loan from this bank, you will have to pay interest at the rate of 17.95 percent per annum. Besides, the new base rate of the bank has also become 9.45 percent. All these rates are based on repo 6.50 percent. The interest rate of special home loan is 2.25 percent to 3.15 percent in addition to the repo rate, that is, it ranges from 8.75 percent to 9.65 percent. Apart from this, the standard home loan rate for salaried and self-employed is 2.90 percent to 3.45 percent excluding repo rate. That means it increases from 9.40 percent to 9.95 percent.
hdfc home loan interest rates
According to HDFC Bank website, 'The above home loan interest rates/EMIs are applicable to loans offered under HDFC Bank's Adjustable Rate Home Loan Scheme (Floating Interest Rate) and are subject to change at the time of loan issuance. . The home loan interest rates given above are linked to HDFC Bank's repo rate and vary during the loan tenure.
MCLR
MCLR is used to make the interest rates of loans given by banks transparent and standard. MCLR is based on the current cost of funds for banks, making it more sensitive to changes in policy rates. It ensures that the monetary policy of the country is implemented effectively. MCLR supports borrowers by ensuring that they get the benefit of rate reduction.