2024-09-07 20:27:54
New Delhi: Taking a loan from HDFC Bank will now be expensive. The bank has changed the Marginal Cost of Lending Rates (MCLR) for a period of 3 months. According to the information given on the official website of the bank, the bank has increased the interest rates by 5 basis points (BPS). HDFC Bank MCLR interest rates will now be between 9.10 percent and 9.45 percent. The new rates have come into effect from Saturday, September 7. After these changes, all types of loans from the bank have become expensive. If a person takes a loan from HDFC Bank, he will have to pay more interest.Life on credit…Indians spent Rs 1.7 lakh crore on credit cards in July, breaking the previous record
The interest rate has become so much
The bank has not revised any lending rates except for the 3-month tenure. For overnight, the bank is offering loans at 9.10 per cent and for one month at 9.15 per cent. For three-month tenure, the bank has increased the rate by 5 bps from 9.25 per cent to 9.30 per cent. The six-month MCLR is 9.40 per cent. The one-year MCLR is 9.45 per cent. After the revision, the two-year and three-year MCLR is 9.45 per cent.
What is MCLR?
MCLR is the minimum interest rate below which a bank is not allowed to give a loan. That is, it can be said that this is the minimum interest rate for a bank to give a loan. The Reserve Bank of India implemented MCLR on 1 April 2016 to fix interest rates for loans. The decrease or increase in MCLR directly affects the customer taking a loan (home loan, car loan, education loan etc.). Due to the increase in this, now customers will have to pay more EMI than before.
SBI had also increased the rates
Last month, State Bank of India also increased MCLR by 10 bps. After this increase, the bank’s MCLR based interest rates are between 8.20 percent and 9.1 percent. Overnight MCLR was increased to 8.20 percent. At the same time, the interest rates for one month and three month period are 8.45 percent and 8.5 percent.