HDFC Bank raises MCLR rates for these tenures.
HDFC Bank has increased its Marginal Cost of Funds-Based Lending Rate (MCLR) by up to 5 basis points for short-term tenures, effective from December 7, 2024.
HDFC Bank has raised its Marginal Cost of Funds-Based Lending Rate (MCLR) for short-term tenures by up to 5 basis points (bps). Effective from December 7, 2024, the revised rates range from 9.20% to 9.50%. The overnight MCLR increases by 5 bps, from 9.15% to 9.20%.
The one-month MCLR stands at 9.20%, while the three-month MCLR is set at 9.30%. The six-month and one-year MCLRs are both at 9.45%, with the two-year MCLR also at 9.45%. For the three-year tenure, the MCLR is 9.50%.
MCLR, or Marginal Cost of Funds-Based Lending Rate, is the minimum interest rate at which banks can lend. Introduced by the Reserve Bank of India (RBI) in 2016, MCLR replaced the previous base rate system.
Borrowers with loans linked to MCLR will experience changes in their loan EMIs when MCLR rates fluctuate. However, loans taken before 2016 continue to be governed by the base rate or Benchmark Prime Lending Rate (BPLR). As MCLR increases, borrowers with home, personal, or business loans will see their EMIs rise.
We hate spam as much as you do
© Hindeez 2024, All Rights Reserved
