HDFC Bank Loan Borrowers: MCLR Hiked; How Much Home Loan, Car Loan EMIs Will Increase?
2 years, 7 months ago

HDFC Bank Loan Borrowers: MCLR Hiked; How Much Home Loan, Car Loan EMIs Will Increase?

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HDFC Babk MCLR Rate Hike: India’s largest private sector lender HDFC Bank has hiked its MCLR across all tenors, the bank has said in a notification. This means that loan interests will increase by 0.10 per cent with the HDFC Bank MCLR rate hike. The HDFC Bank MCLR rate hike will mean that loan interests for new and existing borrowers are set to increase, including equated monthly installments for home loan, vehicle loan and any other loan related to marginal cost. Here are the tenor-wise MCLR effective from May 7, 2022, as per the HDFC Bank website: Over night: Old rate — 6.90 per cent; New rate — 7.15 per cent One Month: Old rate — 6.95 per cent; New rate — 7.20 per cent Three Month: Old rate — 7.00 per cent; New rate — 7.25 per cent Six Month: Old rate — 7.15 per cent; New rate 7.35 per cent One Year: Old rate — 7.25 per cent; New rate 7.50 per cent Two Years: Old rate — 7.35 per cent; New rate 7.60 per cent Three Years: Old rate — 7.45 per cent; New rate 7.70 per cent “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. In a surprise move on May 4, the Reserve Bank of India hiked its key repo rate to 4.40 per cent, by 40 basis points in order to tackle inflation, which has remained higher than the target mark of 6 per cent over the past few months.

History of this topic

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