HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) on two tenures by up to 5 basis points (bps) for tenures. After the revision, HDFC Bank MCLR interest rates will now range between 9.10% and 9.45%. The rates are applicable from October 7, 2024.
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Latest lending rates October 2024
The bank has increased lending rates by 5 bps on 6 months and 3 years tenure. The bank has not revised any lending rates apart from these two tenures. For overnight the bank offers 9.10% and for one month it is 9.15%. On three-month tenure, the bank offers 9.30%. The six-month MCLR is increased from 9.40% to 9.45%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year MCLR stands at 9.45% and three years tenure is increased from 9.45 to 9.50% after the revision.
| Effective Date: Oct 07, 2024 | |
| Tenor | MCLR |
| Overnight | 9.10% |
| 1 Month | 9.15% |
| 3 Month | 9.30% |
| 6 Month | 9.45% |
| 1 Year | 9.45% |
| 2 Year | 9.45% |
| 3 Year | 9.50% |
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 Lending rates
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%
HDFC Bank’s other lending rates
HDFC Bank’s benchmark Prime Lending Rate is 17.95% p.a. with effect from September 9, 2024. The revised Base Rate will be 9.45% and will be effective from September 9, 2024.
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HDFC home loan interest rates in September 2024
According to the HDFC website, “The above Home Loan interest rates/ EMI are applicable for loans under the Adjustable Rate Home Loan Scheme (Floating Interest Rate) of (HDFC Bank and are subject to change at the time of disbursement. The Home Loan interest rates above are linked to HDFC Bank’s Repo Rate and are variable through out the tenor of the loan. All loans are at the sole discretion of HDFC Bank.”
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