HDFC Bank MCLR: The bank’s one-month MCLR has increased by 10 bps from 8.45 per cent to 8.55 per cent. Similarly, the three-month MCLR has reached 8.80 percent from 8.70 percent.
HDFC Bank: If you are a customer of HDFC Bank and have taken any kind of loan or you are planning to take a loan, then you must stay updated with this news. HDFC Bank has increased MCLR by 15 basis points on select tenures. According to the information given on HDFC Bank, the new rates are effective from 7 September 2023. That is, the bank has decided to increase the interest rates on Janmashtami.
15 basis point increase
Overnight MCLR from the bank has been increased by 15 basis points from 8.35 per cent to 8.50 per cent. The one month MCLR of the bank has increased by 10 bps from 8.45 per cent to 8.55 per cent. Similarly, three-month MCLR has reached 8.70 percent from 8.80 percent. However, the six-month MCLR has been increased from 8.95 to 9.05.
Apart from this, the one-year MCLR rate, which is linked to all loans, has been increased by 5 bps from 9.10 percent to 9.15 percent. At the same time, MCLR for two years and three years has been increased by 5 bps to 9.20 percent and 9.25 percent respectively. In this way, all tenured loans have been made expensive by the bank.
RBI’s rule on floating interest rate:
Under the External Benchmark Lending Rate (EBLR) system, RBI has instructed banks to maintain transparency while changing the interest rate and monthly installment of floating rate house loan. It was said by RBI to give home loan customers the option to switch to fixed rate.