look news india
HDFC Bank, the country's largest private sector bank, today increased the marginal lending cost rate (MCLR) for some of its loans by 0.05 per cent or 5 basis points. After this, the rates on selected maturity loans of HDFC Bank will increase slightly.
MCLR for overnight loans has increased from 9.10 percent to 9.15 percent. Apart from this, the one month MCLR rate has increased by 0.05 percent to 9.20 percent. Apart from these, there has been no change in the MCLR rate for loans with second maturity. The new rates have come into effect from 7th November 2024 i.e. today.
According to the information available on the website of HDFC Bank, the benchmark MCLR rate has been maintained at 9.45 percent for a period of one year. Rates for most consumer loans like car loans and personal loans are decided on this basis.
RBI has decided to keep its policy rate repo unchanged at 6.5 percent for the tenth consecutive time in the last Monetary Policy Committee meeting. After this HDFC Bank has decided to increase these rates.
RBI MPC meeting was held on 9 October 2024 in which RBI Governor Shaktikanta Das decided not to increase the repo rate.
HDFC Bank had earlier made its loans more expensive and increased the rates for select tenure loans in September 2024. Actually, HDFC Bank had increased the rates that decide the benchmark rate for loans like home loan, car loan and personal loan. Mainly this increase was seen in MCLR rates only.