HDFC Bank hikes interest rates on these loans

HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 5 basis points on select tenures. The rates are effective from November 7, 2023.

Latest HDFC Bank MCLR

HDFC Bank’s MCLR ranges between 8.65 per cent and 9.30 per cent. The overnight MCLR has been raised by 5 bps from 8.60 per cent to 8.65 per cent. The one-month MCLR of HDFC Bank has increased by 5 bps to 8.70 per cent from 8.65 per cent. The three-month MCLR will be at 8.90 per cent, up by 5 basis points from the previous 8.85 per cent.

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The six-month MCLR was increased to 9.15 from 9.10 per cent. The one-year MCLR, which is linked to many consumer loans, has been kept unchanged at 9.20 per cent. The 2-year and 3-year MCLR has been hiked to 9.25 per cent and 9.30 per cent, respectively.

Tenor MCLR
Overnight 8.65%
1 Month 8.70%
3 Month 8.90%
6 Month 9.15%
1 Year 9.20%
2 Year 9.25%
3 Year 9.30%

Last October, the marginal cost of funds-based lending for a one-year term was 8.20 percent. This month’s rate has been raised to 9.20%.

HDFC Bank other loan interest rates

The revised Base Rate is 9.25% and will be effective from September 25, 2023. The Benchmark PLR – 17.85% per annum with effect from September 25.

The MCLR is changed every month, taking into account the repo rate and other borrowing rates. Banks are not permitted to lend below the MCLR.

Comparing HDFC one year MCLR with other top banks MCLR
Banks MCLR In Nov
HDFC Bank 9.20%
ICIIC Bank 9%
Bank of India 8.75%
PNB 8.65%
Yes Bank 10.40%

The banks are now required to link the interest rates charged on home loans to any of the selected external benchmarks under the new lending regime that the RBI introduced in October 2019. A spread over and above the external benchmark was permitted for the banks to charge. The banks are free to charge a spread over the external benchmark.

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