EMI reduction for HDFC Bank customers..Relief for borrowers! – hdfc bank cuts mclr interest rates from april 10th 2023 that will benefit personal and auto loan borrowers

HDFC Bank has reduced interest rates on loans. This will reduce the EMI amount for the borrowers. HDFC Bank has reduced the MCLR rate for loans. MCLR is the base rate of interest charged on loans. HDFC Bank informed that interest rate reduction has been implemented from 10th April.

Accordingly, the overnight MCLR interest rate has been reduced by 0.85% to 7.80%. The one-month MCLR interest rate has been reduced by 0.70% to 7.95%.

The three-month MCLR rate was cut by 0.40% to 8.30%. The six-month MCLR rate was cut by 0.10% to 8.7%. There is no change in MCLR interest rate for 1 year, 2 year and 3 year tenures.

Due to the reduction in interest rates, monthly EMI payments will be reduced for HDFC Bank borrowers who repay the loan. This is expected to provide some relief to borrowers. EMI will be reduced especially for personal loan and automobile loan borrowers.

The RBI policy meeting was held this month. The RBI informed that there is no change in the repo rate after this meeting and the repo rate will continue to remain at 6.50%.

Following this, now HDFC Bank has reduced the loan interest to provide relief to the borrowers. Other banks are also expected to reduce interest rates on loans.