HDFC Bank Hikes Interest Rates: HDFC Bank, the country’s largest private bank, has made loans costlier. Due to this decision of the bank, it is necessary to increase the EMI of the people.
HDFC Bank has increased the MCLR (Marginal Cost Of Lending Rates) by 15 basis points. The increase in the new rates has come into effect from July 7, 2023 itself.
If you look at the increase in HDFC Bank’s MCLR, the overnight MCLR has been increased by 15 basis points to 8.25 per cent, which was earlier 8.10 per cent. The one month MCLR has been increased from 8.20 per cent to 8.30 per cent with an increase of 10 basis points.
The three-month rate has been increased by 10 basis points to 8.60 percent, the six-month rate has been increased by 5 basis points to 8.90 percent. There has been no change in the MCLR for tenures above one year. The MCLR with a tenure of one year is currently 9.05 per cent. Most of the consumer loans of HDFC Bank are linked with this.
HDFC Bank’s decision to increase MCLR will not affect home loan interest rates. Only old personal loans and floating auto loans which are based on MCLR will have an impact on the interest rate. Home loans of banks are linked to the repo rate.
HDFC Bank’s decision to increase MCLR is surprising. Because RBI has not made any change in the policy rates in the last two Monetary Policy Committee meetings. And experts believe that even in the policy meeting of August, RBI can maintain the policy rates at the existing rates.
However, this month is very special for HDFC Bank. Housing finance company HDFC has been merged with HDFC Bank from July 1, 2023. Trading in HDFC shares will stop on the stock exchange from July 13.
