HDFC Loan Rate: 6 month and one year MCLR has been reduced from 9.50% to 0.45%. The same change has been made in the three year MCLR as well.
Home Loan EMI: There is good news for those who have taken home loan from HDFC. Your home loan EMI has now reduced. Some other loans may also be reduced. HDFC has made changes in the rates of many of its loans. This will benefit the people who have taken loan. The burden of EMI will be reduced on their pocket. Actually, HDFC has reduced its Marginal Cost of Fund Based Lending Rate i.e. MCLR. It has been reduced by five basis points.
Reduced loan rate applicable from January 7
This reduced loan rate has been implemented from the day of announcement on January 7, i.e. Tuesday. Home loan, personal loan and business loan are linked to MCLR. By reducing the loan rate in this way, for all the three types of loans taken earlier, home loan, personal loan and business loan, less monthly EMI will have to be paid as compared to earlier. Overnight MCLR has been reduced by five basis points from 9.20 percent to 9.15 percent.
The 6 month and one year MCLR has been reduced from 9.50% to 0.45%. The same change has been made in the three year MCLR. The basic rate of loan given by HDFC is 9.45% per annum. There are slight changes in it according to different items and circumstances. The interest rate of HDFC home loan is determined by the policy repo rate. It is linked to this.
What is MCLR, you must know
MCLR is the basic minimum rate for giving every kind of loan. By adding some other things to it, the rate of that particular kind of loan is decided. Unless the Reserve Bank makes any change in it, it remains like this.
