After raise in MCLR rates, HDFC hikes lending rates; EMIs to increase

Taking a loan from HDFC Bank will get costlier as the lender has increased the rate of interest on loans by 15 basis points, or 0.15 per cent.

The new rates of interest came into effect on Monday (August 7).

With the new rates in place, the loans from the bank will get costlier as the rate of EMIs has also gone up. 

What are New Interest Rates?

HDFC Bank increased its Marginal Cost of Funds based Lending Rate (MCLR) on Monday by 10 basis points, leading to jump in the interest rate from 8.25 per cent to 8.35 per cent.

The one-month MCLR has been increased by 15 basis points, after which the interest rate has risen from 8.30 per cent to 8.45 per cent 8.45 per cent.

The bank raised the three-month MCLR by 10 basis points, taking the interest rate from 8.60 per cent to 8.70 per cent.

The bank has increased the 6-month MCLR by 5 basis points, with the new rate jumping from 8.90 per cent to 8.95 per cent. The MCLR for a period of one year is 9.10 per cent, up from 9.05 per cent. 

However, there is no increase in MCLR for a period of more than a year. The bank's interest rate for two years is 9.15 per cent, while it is 9.20 per cent for three years.