Mumbai: Leading private sector lender HDFC Bank has hiked the benchmark marginal cost of funds-based lending rates (MCLR). The lending rates were hiked by up to 10 basis points (bps) on select tenures. After the hike the equated monthly instalments (EMIs) of all retail loans including car loans, education loans, personal loans and home loans will go up.
After the latest hike, HDFC Bank’s overnight MCLR is now 8.60%. The MCLR for one month is 8.65% and the three-month and six-month MCLRs will be 8.85% and 9.10%. The one-year MCLR, which is connected to many consumer loans, will now be 9.20%, the two-year MCLR will be 9.20%, and the three-year MCLR will be 9.25%.
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HDFC Bank’s Marginal Cost Of Funds-Based Lending Rates (MCLR):
Overnight 8.60%
1 Month 8.65%
3 Month 8.85%
6 Month 9.10%
1 Year 9.20%
2 Year 9.20%
3 Year 9.25%
The Marginal Cost of Funds Based Lending Rate (MCLR) serves as a fixed lending rate that banks use to determine the interest rates for car loans, home loans, education loans, and more MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan. Any changes in MCLR rates by the bank directly affect the interest rates and Equated Monthly Installments (EMIs) for customers.
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