HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on July 8, 2024. The bank has increased the lending rates by up to 10 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now range between 9.05% and 9.40%.
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Latest HDFC Bank lending rates
The bank has reduced the lending rate by 10 bps on overnight tenure from 8.95% to 9.05% and for one month it has increased from 9% to 9.10%, an increase of 10 bps. On three month tenure, the bank has increased by 5 bps from 9.15% to 9.20%. The six-month MCLR is increased from 9.30% to 9.35%. The one-year MCLR, which is linked to many consumer loans, has increased to 9.40% from 9.30%. The two-year and three-year MCLR is increased to 9.40% after the revision. The rates are effective July 8, 2024.
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| Effective Date: July 08, 2024 | |
| Tenor | MCLR |
| Overnight | 9.05% |
| 1 Month | 9.10% |
| 3 Month | 9.20% |
| 6 Month | 9.35% |
| 1 Year | 9.40% |
| 2 Year | 9.40% |
| 3 Year | 9.40% |
What is MCLR?
The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate that a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.
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HDFC Bank’s other lending rates
HDFC Bank’s benchmark Prime Lending Rate is 17.90% p.a. with effect from June 18, 2024. The revised Base Rate will be 9.40% and will be effective from June 18, 2024.
HDFC home loan interest rates in July 2024
According to the HDFC website, “HDFC Bank offers an adjustable-rate loan also known as a floating rate loan as well as a trufixed loan in which the interest rate on the home loan remains fixed for a specific tenure (say first two years of the entire loan tenure) after which it converts into an adjustable-rate loan.”
Note that all rates are benchmarked to Policy Repo Rate. Current applicable Repo Rate = 6.50%
Special home loan rates for salaried & self-employed
For all loans policy Repo Rate + 2.25% to 3.15% = 8.75% to 9.65%
Standard home loan rates for salaried & self-employed
For all loans = repo rate + 2.90% to 3.45% = 9.40% to 9.95%
