HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) on one tenure, according to its official website on September 7, 2024. The bank has increased the loan interest rates by up to 5 basis points (bps) for tenure of 3 months. HDFC Bank MCLR interest rates will now range between 9.10% and 9.45%.
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Latest lending rates September 2024
The bank has not revised any lending rates apart from 3 months tenure. For overnight the bank offers 9.10% and for one month it is 9.15%. On three-month tenure, the bank has increased by 5 bps from 9.25% to 9.30%. The six-month MCLR is 9.40%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year and three-year MCLR stands at 9.45% after the revision.
| Effective Date: Sep 07, 2024 | |
| Tenor | MCLR |
| Overnight | 9.10% |
| 1 Month | 9.15% |
| 3 Month | 9.30% |
| 6 Month | 9.40% |
| 1 Year | 9.45% |
| 2 Year | 9.45% |
| 3 Year | 9.45% |
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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.
HDFC home loan interest rates in September 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%
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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%
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.
