There is bad news for customers who are planning to take a loan from HDFC Bank. You will now have to pay a huge amount of the loan if you take a loan from the bank. The bank has increased the interest rates on its loans. The new interest rates of the bank came into effect from August 8.
HDFC Bank shared this information on its official website. According to this, the bank has increased the marginal cost of lending rates (MCLR) by five basis points for a period of three months. However, these rates have been increased at different periods.
What are the new interest rates?
HDFC Bank’s MCLR interest rates now range between 9.10% and 9.45%. Apart from the three-month period, the bank has not changed any other loan interest rates.
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The bank is lending at an interest rate of 9.10% for overnight and 9.15% for one month. The bank has increased its rate by 5 bps from 9.25% to 9.30% for three months. The MCLR for six months is 9.40%. The bank has increased the MCLR for one year to 9.45%. As per the new interest rate, the MCLR for two and three years is 9.45%.
What is MCLR?
The minimum interest rate that banks charge customers for their loans is called MCLR. Any change in MCLR has an impact on the EMI of all loans such as car loans, education loans, and home loans. Following this decision by the bank, customers will now have to pay more amount for all types of loans.
