HDFC Bank Interest Rates: The new rate has been implemented from November 7, 2024. The bank has increased the interest rate by 5 basis points for one month and by 3 basis points for a period of three years.
HDFC Bank Loan Interest Rates: HDFC Bank has increased its Marginal Cost of Funds Based Lending Rates (MCLR) by 5 basis points (bps) for two short periods. After the change, HDFC Bank’s MCLR interest rate has become between 9.15% to 9.50%. The new rate has been implemented from November 7, 2024. The bank has increased the interest rate by 5 basis points for one month and 3 basis points for a period of three years.
One month MCLR increased from 9.15% to 9.20%
The bank has not changed any loan rate apart from these two periods. Overnight MCLR increased from 9.10% to 9.15%. Similarly, one month MCLR increased from 9.15% to 9.20%. The bank offers 9.30% for a three-month tenure. The MCLR for a six-month tenure is 9.45%. The MCLR for a one-year tenure is 9.45%, which is linked to customer loans, is 9.45%. The MCLR for a two-year tenure is 9.45% and for a three-year tenure is 9.50%.
The new base rate of the bank has also become 9.45%
HDFC Bank has earlier changed its interest rate from 9 September 2024. Now if you take a loan from this bank, then you will have to pay interest at the rate of 17.95% per annum. Also, the new base rate of the bank has also become 9.45%. All these rates are based on repo 6.50%. The interest rate of special home loan is 2.25% to 3.15% in addition to the repo rate, that is, it is from 8.75% to 9.65%. Apart from this, the rate of standard home loan for salaried and self-employed is 2.90% to 3.45% in addition to the repo rate. That is, it increases from 9.40% to 9.95%.
HDFC Home Loan Interest Rates
According to HDFC Bank’s website, ‘The above home loan interest rates / EMIs are applicable to loans offered under HDFC Bank’s Adjustable Rate Home Loan Scheme (Floating Interest Rate) and these rates may change at the time of loan issuance. The above home loan interest rates are linked to HDFC Bank’s repo rate and keep changing throughout the loan tenure.
MCLR
MCLR is used to make the interest rate of loans offered by banks transparent and standard. MCLR is based on the current cost of funds for banks, making it more sensitive to changes in policy rates. It ensures that the country’s monetary policy is implemented effectively. MCLR supports borrowers by ensuring that they get the benefit of rate reduction.
