HDFC Bank Hikes MCLR: HDFC Bank has shocked millions of customers by increasing the interest rates on loans. Due to increase in MCLR rate, all types of loan holders including home loan, personal loan and auto loan will have to pay more EMI.
New Delhi: HDFC Bank has given a big blow to its borrowers by announcing an increase in loan interest rates. The bank has increased the benchmark marginal cost of funds based lending rates (MCLR) by up to 15 basis points on select tenures. In such a situation, the EMI of all types of floating loans including home loan, personal loan and auto loan will increase.
Several factors are taken into account while deciding MCLR which include deposit rate, repo rate, operating cost and cost of maintaining cash reserve ratio. The change in the repo rate affects the MCLR rate. Changes in MCLR affect the interest rate of the loan, which translates into an increase in the EMI of the borrower. According to HDFC Bank’s website, the new MCLR rates are being made effective from July 7, 2023.
HDFC Bank MCLR Latest Rates
- HDFC Bank’s overnight MCLR has been increased by 15 bps from 8.10 per cent to 8.25 per cent.
- The one month MCLR has been increased by 10 bps from 8.20 per cent to 8.30 per cent.
- The three-month MCLR has also been increased by 10 basis points to 8.60 percent from the previous 8.50 percent.
- The six-month MCLR increased by 5 bps to 8.90 percent from 8.85 percent earlier.
- MCLR for tenure more than one year is 9.05 percent, there is no change in it.
EMI of auto loan, home loan and personal loan will increase
The opposite effect of the increase in MCLR will be seen in the interest rate of all types of loans related to it including home loan, auto loan, personal loan. Existing borrowers will have to pay higher EMIs, while new borrowers will have to avail loans at a higher interest rate.
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