Home loan and personal loan increase: HDFC Bank has increased its loan interest rates. People are shocked after this decision. The bank has increased loan and fund based interest rates (MCLR) by up to 15 basis points. This will have a direct impact on home loan, personal loan. Now their EMI will increase.
When does MACLR increase
Any bank MACLR is increased due to various reasons. It includes deposit rate, repo rate, operating cost, and cash reserve ratio. Whenever there is a change in the repo rate, the MACLR is also changed. According to the HDFC Bank website, these interest rates will be applicable from July 7, 2023.
How much increased interest rates
- HDFC Bank has increased MACLR by 15 bps to 8.25 per cent. Earlier this rate was 8.10 percent.
- The one month MACLR has been increased by 10 bps i.e. from 8.10 per cent to 8.25 per cent.
- The 3-month MACLR has been increased from 8.50 per cent to 8.60 per cent. It has been increased by 10 bps.
- The 6 month MACLR has been increased by 5 bps. Now it has been increased from 8.85 percent to 8.90 percent.
- There has been no change in the MACLR for tenures above 1 year. It is stable at 9.05 per cent.
Increase in EMI of these loans
Due to the increase in MACLR, the EMI of other loans like home loan, auto loan, personal loan will also increase. Now you will have to pay more money than before on the EMI of these loans. Even if you are taking a fresh loan, the higher interest rate will be applicable.
