HDFC Bank raises MCLR by up to 15 bps: Check new rates and impact on loan EMIs
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓HDFC Bank raised its Marginal Cost of Funds-based Lending Rates by up to 15 basis points across seven tenures, effective November 7.
- ✓This move makes loans more expensive for many customers.
- ✓Borrowers with home, personal, or auto loans linked to these rates might see higher EMIs or longer loan tenures soon.
Story at a Glance
- Category
- Indian Markets
- Reported By
- cnbctv18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
HDFC Bank has hiked its Marginal Cost of Funds-based Lending Rates by up to 15 basis points across tenures, increasing borrowing costs for customers.
HDFC Bank has increased its Marginal Cost of Funds-based Lending Rates (MCLR) by 5-15 basis points (bps) across all seven tenures, effective November 7.
The revision could increase borrowing costs for customers whose home loans, personal loans and other borrowings are linked to the bank's MCLR.
Following the latest revision, HDFC Bank's MCLR rates range from 7.85% to 8.70%, compared with 7.75% to 8.55% earlier.
A basis point is one-hundredth of a percentage point. The increase is higher for longer-duration tenures, with the six-month, one-year, two-year and three-year MCLR rising by 15 bps each.
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