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HDFC Bank Hikes Its MCLR By 10 Basis Points From Today

The bank said that for a period of one month, three months and six months, the MCLR rates will be 7.90 per cent, 7.95 per cent and 8.05 per cent respectively

Photo Credit : Reuters

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HDFC bank has increased the MCLR rates for all periods. There has been an increase of 10 basis points in the MCLR rates for all loan borrowers. The new rates have come into effect from Wednesday i.e. from 7 September.

After the increase in MCLR rates, both new and existing customers will get expensive loans. This includes home loans, auto loans and all other types of loans. According to the HDFC Bank website, the one-year MCL rates have increased, after which the new rates have become 8.2 per cent.

At the same time, overnight rates has now increased to 7.9 per cent. The bank said that for a period of one month, three months and six months, the MCLR rates will be 7.90 per cent, 7.95 per cent and 8.05 per cent respectively.

Apart from this, last month also the bank had increased the rates of MCLR. The bank had last increased the MCLR rates by 5-10 basis points. All floating rate loans are linked to MCLR or external benchmark lending rate.

MCLR was launched in April 2016. According to the new guidelines of RBI, now commercial banks give loans on the basis of Marginal Cost of Funds Based Lending Rate (MCLR) instead of base rate.


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hdfc bank MCLR Hike