HDFC Bank increases loan interest rates today, check new MCLR rates

HDFC Home Loan Interest Rate: Customers of the country’s largest private sector bank HDFC are going to get a shock. HDFC has revised the MCLR on some period loans. The bank’s MCLR revision affects the EMI of all types of floating loans including home loans, personal loans and auto loans.

HDFC Home Loan Interest Rate: Customers of the country’s largest private sector bank HDFC are going to get a shock. HDFC has revised the MCLR on some period loans. The bank’s MCLR revision affects the EMI of all types of floating loans including home loans, personal loans and auto loans. When the MCLR increases, the loan interest increases and the EMI of existing customers increases. These new rates have come into effect from today, 8 July 2024. HDFC Bank’s marginal cost of funds-based lending rate MCLR benchmark is between 9.05% and 9.40%. The bank has increased the MCLR by up to 0.10 percent.

HDFC Bank New MCLR Rates

• HDFC Bank’s overnight MCLR has increased from 8.95 to 9.05 percent.
• One month MCLR has increased from 9 percent to 9.10 percent.
• Three month MCLR has also increased from 9.15 percent to 9.20 percent.
• Six month MCLR has increased from 9.30 percent to 9.35 percent.
• MCLR for a period of more than one year has increased from 9.30 percent to 9.40 percent. MCLR for a period of one year is the rate linked to many types of loans.
• MCLR for a period of more than 2 years has increased from 9.30 percent to 9.40 percent.
• MCLR for a period of more than 3 years has increased from 9.35 percent to 9.40 percent.

This is how MCLR is decided

While deciding MCLR, many factors are taken into consideration, which include deposit rate, repo rate, operational cost and cost of maintaining cash reserve ratio. Changes in repo rate affect MCLR rate. Changes in MCLR affect the interest rate of the loan, which increases the EMI of the borrowers.

EMI of auto loan, home loan and personal loan will increase

The increase and decrease in MCLR affects the interest rate of all types of loans related to it including home loan, auto loan, personal loan. When MCLR increases, loan customers will have to pay more EMI than before. Customers taking new loan will get expensive loan.

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