HDFC Bank Loan Rates: HDFC Bank has increased its marginal cost of funds-based lending rate (MCLR) for short-term periods by up to 5 basis points (bps). The revised HDFC Bank MCLR interest rates now span from 9.20% to 9.50%. These new rates have taken effect from December 7, 2024.
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HDFC Bank: Latest Lending Rates December 2024
- The overnight MCLR at HDFC Bank has risen by 5 bps, moving from 9.15% to 9.20%. No adjustments were made to other MCLR tenures, according to an ET report.
- The one-month MCLR remains at 9.20%, whilst the three-month tenure maintains 9.30%.
- Both six-month and one-year MCLR, with the latter being significant for consumer loans, stand at 9.45%.
- The two-year period continues at 9.45%, and the three-year tenure holds at 9.50%.
HDFC Bank MCLR Rates
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| Tenure | MCLR |
| Overnight | 9.20% |
| 1 Month | 9.20% |
| 3 Month | 9.30% |
| 6 Month | 9.45% |
| 1 Year | 9.45% |
| 2 Year | 9.45% |
| 3 Year | 9.50% |
Source: HDFC Bank website quoted by ET
What is MCLR?
As stated on the HDFC Bank website, “The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate 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 Bank’s Lending Structure
The Prime Lending Rate stands at 17.95% annually, effective September 9, 2024. The base rate is set at 9.45%, also effective from September 9, 2024.
Rate Framework
All lending rates are linked to the Policy Repo Rate, which currently stands at 6.50%.
Preferential Home Loan Rates
For salaried and self-employed borrowers, the interest rates range from 8.75% to 9.65%, calculated by adding 2.25% to 3.15% to the base Repo Rate of 6.50%.
Regular Home Loan Rates
The standard rates for all borrowers range from 9.40% to 9.95%, derived by adding 2.90% to 3.45% to the base Repo Rate of 6.50%.
It’s important to note that the home loan interest rates and EMI mentioned are valid for loans under the Adjustable Rate Home Loan Scheme (with Floating Interest Rate) offered by HDFC Bank. These rates are linked to HDFC Bank’s Repo Rate and may vary at the time of loan disbursement. Throughout the entire duration of the loan, the interest rates remain variable.
