HDFC Bank: If you have also taken a home loan, car loan or any loan from HDFC Bank, then the bank has given you a gift in the new year. HDFC, the largest bank in the private sector, has reduced the interest rates of the loan, giving relief to its millions of customers.
HDFC Bank: If you have also taken a home loan, car loan or any loan from HDFC Bank, then the bank has given you a gift in the new year. HDFC, the largest bank in the private sector, has reduced the interest rates of the loan, giving relief to its millions of customers. The bank has reduced the marginal cost of funds-based lending rate (MCLR) rate. The bank has reduced the MCLR rate by 5 basis points for some selected tenures.
Loan interest rate reduced
HDFC Bank has reduced the overnight MCLR rate by 5 bps, reducing it from 9.20% to 9.15%. The new revised interest rates have come into effect from today. Let us tell you that with the reduction in MCLR rate, interest rates will also come down. Reduction in interest rate means reduction in EMI. All those customers will get the benefit of this, whose loan is linked to SCLR. With the reduction in interest rate, the EMI of loans taken on old floating rate like home loan, personal loan and business loan will decrease. Let us tell you that MCLR rate is the rate at which any bank gives loan to its customers. This is the minimum interest rate for the loan from the bank, at which it lends to the people.
What are the new interest rates
1. HDFC Bank’s overnight MCLR has come down from 9.20% to 9.15%.
2. One month MCLR rate remains at 9.20%. No change has been made in it.
3. Three month MCLR also remains at 9.30%, no change has been made in it either.
4. The six-month MCLR rate has been reduced by 5 basis points, which has been reduced from 9.50% to 9.45%.
5. The one-year MCLR rate has been reduced from 9.50% to 9.45%.
6. The two-year MCLR remains at 9.45%, no change has been made in it.
7. The 3-year MCLR has been reduced from 9.50% to 9.45%.
Effect on new and old loans
The change in MCLR will directly affect your loan interest rate and EMI. The EMI of new and old customers taking home loan, car loan or personal loan from HDFC Bank will decrease. If you are thinking of buying a house or a car, then due to the reduction in HDFC’s MCLR, you will be able to get a cheaper loan. Those who already have a loan, their EMI will decrease.
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