Customers of HDFC Bank, the biggest private bank in the nation, have received a shock. You will be immediately impacted if you have also obtained a loan from HDFC Bank. That implies that the interest you must pay will be more than previously. The HDFC has raised its MCLR by 15 basis points. According to information provided on the HDFC Bank website, the revised rates went into effect on June 7, 2023.
How much has the MCLR risen?
From the bank’s perspective, the overnight MCLR has increased by 15 bps to 8.10%. The 1-month MCLR of HDFC Bank has increased by 10 bps to 8.20%. Similarly, the three-month MCLR has increased from 8.40% to 8.50%, a 10 basis point increase.
The six-month MCLR has also gone up by 5 basis points.
It has gone up to 8.85% from 8.80%. The MCLR for tenors longer than a year has not changed, nevertheless. Let’s examine the most recent MCLR.
For 1 Night-8.10%
For 1 Month-8.20%
For 3 Months-8.50%
For 6 Months-8.85%
For 1 Year-9.05%
For 2 Years-9.10%
for 3 years-9.20%
On a few of HDFC Bank’s tenors
the MCLR rate was raised by 15 basis points earlier in May. Customers who have house loans won’t be impacted by the bank’s increased MCLR. Only customers taking out personal loans and auto loans would notice its effects. Let us inform you that ICICI Bank, Bank of India, and PNB may raise the MCLR in the upcoming days.
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