Before the holidays, HDFC bank, the biggest private sector bank in the nation, delivered more of a shock than a comfort. Home and auto loans are now more expensive thanks to HDFC Bank. By raising interest rates, the bank has once again made inflation more difficult for the average person. The MCLR rates on loans for specific durations have been raised by the bank. The most shocked persons after this announcement are those who were hoping to purchase a car or home for Dussehra or Diwali. The EMI for those who already have a loan from HDFC would go up as a result of the interest rate hike.
What is the cost of the loan?
People were waiting for RBI to offer them relief by reducing borrowing rates, but before that HDFC Bank shocked people. The bank has announced an increase in its loan rates. HDFC Bank has announced an increase of up to 5 basis points (bps) in the Marginal Cost of Funds-Based Lending Rates (MCLR) of two tenure loans. The new interest rates of the bank have become effective from October 7, 2024.
To what extent will the EMI rise?
The interest rates on loans with terms of three years and six months have been raised by five basis points by HDFC Bank. The bank raised the interest rate from 9.40% to 9.45% for loans with six-month terms. The interest rate for loans with three-year terms has gone up from 9.45% to 9.50%. The interest rates on the remaining loans have remained constant. The bank will have overnight rates of 9.10%, 1-month MCLR of 9.15%, 3-month interest rate of 9.30%, 1-year interest rate of 9.45%, and 2-year interest rate of 9.45% following this hike.
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