HDFC Bank loan interest rates: Latest HDFC Bank loan interest rates


Private sector lender HDFC Bank has revised its marginal cost of funds-based lending rate (MCLR). The revised loan interest rates are effective from October 7, 2022.

According to the HDFC Bank website, the overnight MCLR is now 7.90 percent. The MCLR for one month is 7.90percent. The three-month and six-month MCLRs will be 7.95 percent and 8.05 percent, respectively. The one-year MCLR, which is connected to many consumer loans, will now be 8.20 percent, the two-year MCLR will be 8.30percent, and the three-year MCLR will be 8.40 percent.

HDFC-mclr-oct

Source: HDFC Bank website

In September, the bank raised its marginal cost of funds-based lending rate (MCLR) on loans for all maturities by up to 10 basis points (100 basis points = 1%).

Previous MCLR hikes by HDFC Bank

In September, HDFC Bank had raised MCLR by 10 basis points

In August, HDFC Bank had raised MCLR by 10 basis points

In July, HDFC Bank had raised MCLR by 20 basis points

RBI hikes repo rate

The Monetary Policy Committee (MPC) of the Reserve Bank of India decided to increase the repo rate—the interest rate at which the country’s central bank lends money to commercial banks—by 50 basis points (bps), to 5.90 percent, during its policy meeting on September 30, 2022.

Following RBI’s hike, banks including Yes Bank, Canara Bank, Bank of India, Punjab National Bank also hiked their lending rates.

What is MCLR?

The lowest interest rate a bank can impose on a loan is called the MCLR (Marginal Cost of Funds Based Landing Rate). Under the MCLR regime, banks are allowed to provide any type of loan at either a fixed or floating interest rate.

Should you change from Base rate to MCLR rate?

According to the HDFC Bank website, “The Reserve Bank of India (RBI) has made it clear that banks should allow base rate borrowers to switch to MCLR when there is a change in the policy rate. However, before you decide, you should seek professional guidance. Financial advisors can provide you with updated information and guide you through the process of transfer.”



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