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Hdfc Bank Mclr Rate: HDFC Bank hikes MCLR: Check latest loan interest rates

by Staff
May 14, 2022
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Following the trend, HDFC Bank also increased its marginal-cost based lending rate (MCLR). With effect from May 7, 2022, HDFC Bank has increased its MCLR by 25 basis points (bps) on all tenors of loans. This will raise the cost of housing, vehicle, personal, and other loans. Bank borrowers will see a rise in equated monthly instalments (EMI) for different types of loans.

Any change in the repo rate will change the marginal cost, and thus the MCLR.

HDFC Bank’s latest MCLRs

hdfc-mclr

The RBI hiked its key lending rate to 4.40 percent with immediate effect last week. The cash reserve ratio was increased by 50 basis points by the central bank. Soon after the announcement, many banks including State Bank of India (SBI), Bank of Baroda, Axis Bank, and Kotak Mahindra Bank have all announced an increase in their MCLR rates.

The Reserve Bank of India sets an internal reference rate for banks called the marginal cost of funds-based lending rate (MCLR) (RBI). It assists banks in determining the minimum interest rate for various sorts of loans.

According to the HDFC bank website, “The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.”

According to the ICICI Bank website, “Effective Oct 01, 2019, the RBI introduced the external benchmarking system to replace the MCLR for Home Loans, Business Loans, and working capital loans, etc. This new lending rate system is only applicable for loans with floating interest rates and is not applicable for fixed interest loans.”

These banks have increased MCLR, repo rate-linked loan interest rates

These banks have increased MCLR, repo rate-linked loan interest rates

Rate reversal

The RBI in a surprise move hiked the repo rate by 40 bps last week which is a clear signal that the time for decadal low loan interest rates have come to an end.

Banks hiking rates

Before the RBI hiked the repo rate, many banks had announced marginal increase in the MCLR interest rates on loan. Here is a look at some of them.

State Bank of India (SBI)

SBI increased MCLR by 10 bps. The overnight, one-month, three-month, and six-month MCLR rates have all been raised by 10 basis points to 6.75 percent, 6.75 percent, and 7.05 percent, respectively, according to the SBI website. One-year MCLR is 7.10 percent, and the two-year MCLR is 7.30 percent

HDFC Bank

HDFC Bank has increased its MCLR by 25 basis points (bps) on all tenors of loans, with effect from May 7, 2022.

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