HDFC Bank MCLR Rate Hike: Customers of India’s largest private sector lender HDFC Bank are likely to have to shell out more money as interest if they have taken any loan from the lender. The HDFC Bank has hiked its s increased its marginal cost of lending rate, or MCLR across all tenors, according to its website. The new HDFC Bank MCLR rates have come into effect from September 7, Wednesday. The HDFC Bank MCLR rate hike comes at a time when several banks are hiking their lending rates. In the last three months, the HDFC Bank has hiked its lending rates by as much as 65 bps.
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The HDFC Bank MCLR rate hike will mean that loan interests for new and existing borrowers are set to increase, including equated monthly installments (EMIs) for home loan, vehicle loan and any other loan related to marginal cost. The HDFC Bank MCLR have been increased by up to 10 basis points, or by 0.10 per cent.
HDFC Bank MCLR rates for overnight, one month and three months have been hiked to 7.90 per cent, 7.90 per cent and 7.95 per cent, by 10 bps across all the tenures. For tenures of six months and one year, the HDFC Bank MCLR rates are 8.05 per cent and 8.20 per cent, respectively, also hiked by 10 bps. HDFC Bank MCLR has been hiked by 10 bps to 8.30 per cent and 8.40 per cent for two and three years’ tenures respectively.
Here are the tenor-wise MCLR effective from September 7, 2022, as per the HDFC Bank website:
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Over night: Old rate — 7.80 per cent; New rate — 7.90 per cent
One Month: Old rate — 7.80 per cent; New rate — 7.90 per cent
Three Month: Old rate — 7.85 per cent; New rate — 7.95 per cent
Six Month: Old rate — 7.95 per cent; New rate — 8.05 per cent
One Year: Old rate — 8.10 per cent; New rate — 8.20 per cent
Two Years: Old rate — 8.20 per cent; New rate — 8.30 per cent
Three Years: Old rate — 8.30 per cent; New rate — 8.40 per cent
Will Home Loan EMIs, Car Loan EMIs Increase after HDFC Bank MCLR Hike?
As a result of the HDFC Bank MCLR rate hike, housing, vehicles and personal loans are going to get more expensive as the EMIs will increase. However, existing home loan borrowers must note that the EMI will be revised only when the reset date of their loans arrive. The lender will increase or revise the interest rate on the borrowers’ home loans on the basis of prevailing MCLR when the reset date arrives. This means that if a person’s home loan is based on MCLR, and the reset date is in September, then he or she will have to pay the hiked EMIs from September. Till then, the borrower will pay on basis of their existing rates.
