New Delhi: In the latest news, the HDFC Bank has decided to increase its marginal cost of funds-based lending rates (MCLR) on two tenures of short time. It has hiked the MCLR by up to 5 basis points. Now, the MCLR interest rates of the HDFC Bank range between 9.15 per cent and 9.50 per cent and they have come into effect from November 7. The new lending rates of the largest private bank in India is indeed big news as it is bound to affect the pockets of the common people.
HDFC Bank lending rates in November
The lending rates have been increased by the HDFC Bank by 5 basis points on overnight and also on one-month tenure and 3 years tenure. Apart from these two tenures, the bank has not revised any lending rates. The bank, for overnight, is now offering a 9.15 per cent from 9.10 per cent.
For one month, it is now offering 9.20 per cent from 9.15 per cent. When it comes to the three-month tenure, the bank is offering 9.30 per cent. The six-month MCLR is 9.45 per cent. Many customer loans are linked to the one-year MCLR which is 9.45 per cent. The two-year MCLR is 9.45 per cent and three years tenure is 9.50 per cent.
Other lending rates of HDFC Bank
The Prime Lending Rate, which is HDFC Bank’s benchmark, is 17.95 per cent per annum and it has come into effect from September 9. The new Base Rate is 9.45 per cent and it came into effect from September 9.
Transparency of MCLR
MCLR is used for transparency and also to standardise the interest rates on advances that banks use. It is based on the present cost of funds, and changes in policy rates also bring about a change in the MCLR. It ensures the efficient implementation of the country’s monetary policy. MCLR supports borrowers since it ensures they get the advantages of rate reduction.
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