HDFC Banks cut MCLR by 15 basis points

HDFC Bank revised its marginal cost based fund of lending rates (MCLR) for various tenor by 15 basis points. 

The bank has cut the lending rate to 8.90% for one-year tenor. 

As per its site, for overnight tenor, the new lending rate is set at 8.70% while that for one-month and three-month rates were cut to 8.75% and 8.80% respectively. 

For six-month period, the new MCLR is available at 8.85%. 

While for two-years and three-years tenor the new rate available is 9% and 9.05% respectively. 

Shares of HDFC Bank was trading flat at Rs 1244 on BSE. 

Indian banks are needed to revise MCLR rate monthly by taking in account factors like the repo rate and other borrowing rates.