HDFC Bank Loan Rates: HDFC Bank has raised its marginal cost of funds-based lending rates (MCLR) on two tenures by a maximum of 5 basis points (bps). Following the adjustment, HDFC Bank’s MCLR interest rates will range from 9.10% to 9.45%, effective from October 7, 2024.
The bank has increased lending rates by 5 bps on the 6-month and 3-year tenures, while leaving other tenures unchanged, according to an ET report.The overnight rate is 9.10%, and the one-month rate is 9.15%.
For the three-month tenure, the bank offers 9.30%. The six-month MCLR has been raised from 9.40% to 9.45%. The one-year MCLR, which is tied to many consumer loans, stands at 9.45%.
The two-year MCLR remains at 9.45%, and the three-year tenure has been increased from 9.45% to 9.50% after the revision.
MCLR represents the minimum interest rate a financial institution must charge for a loan. It establishes the lower threshold for loan interest rates, which remains fixed for borrowers unless revised by the Reserve Bank of India.
All HDFC Bank lending rates are benchmarked to the policy repo rate, which is currently 6.50%.
Special home loan rates for salaried and self-employed individuals range from 8.75% to 9.65% (Repo Rate + 2.25% to 3.15%), while standard home loan rates for salaried and self-employed borrowers range from 9.40% to 9.95% (Repo Rate + 2.90% to 3.45%).
HDFC Bank’s benchmark Prime Lending Rate is 17.95% p.a., and the revised Base Rate will be 9.45%, both effective from September 9, 2024.
According to the HDFC Bank website, “The above Home Loan interest rates/ EMI are applicable for loans under the Adjustable Rate Home Loan Scheme (Floating Interest Rate) of (HDFC Bank and are subject to change at the time of disbursement. The Home Loan interest rates above are linked to HDFC Bank’s Repo Rate and are variable through out the tenor of the loan. All loans are at the sole discretion of HDFC Bank.”
