HDFC Bank hikes loan interest rates on these short-term tenures; check details

HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) on two short term tenures by up to 5 basis points (bps).

After the revision, HDFC Bank MCLR interest rates will now range between 9.

15% and 9.

50%.

The rates are applicable from November 7, 2024.

Latest lending rates November 2024The bank has increased lending rates by 5 bps on overnight and one month tenure months and 3 years tenure.

The bank has not revised any lending rates apart from these two tenures.

For overnight the bank now offers 9.

15% from 9.

10% and for one month it is 9.

20% from 9.

15%.

On three-month tenure, the bank offers 9.

30%.

The six-month MCLR is 9.

45%.

The one-year MCLR, which is linked to many consumer loans, is 9.

45%.

The two-year MCLR stands at 9.

45% and three years tenure stands at 9.

50%.

Effective Date: Nov 07, 2024 Tenor MCLR Overnight 9.

15% 1 Month 9.

20% 3 Month 9.

30% 6 Month 9.

45% 1 Year 9.

45% 2 Year 9.

45% 3 Year 9.

50% Source: HDFC Bank websiteHDFC Bank's other lending ratesHDFC Bank's benchmark Prime Lending Rate is 17.

95% p.

a.

with effect from September 9, 2024.

The revised Base Rate will be 9.

45% and will be effective from September 9, 2024.

HDFC Bank Lending rates Note that all rates are benchmarked to Policy Repo Rate.

Current applicable Repo Rate = 6.

50%Special home loan rates for salaried & self-employedFor all loans policy Repo Rate + 2.

25% to 3.

15% = 8.

75% to 9.

65%Standard home loan rates for salaried & self-employedFor all loans = repo rate + 2.

90% to 3.

45% = 9.

40% to 9.

95%HDFC home loan interest ratesAccording 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.

” MCLRMCLR is used to bring transparency and standardization to the interest rates on advances used by banks.

The MCLR is based on the present cost of funds, which makes it more sensitive to changes in policy rates.

This ensures that the country's monetary policy is efficiently implemented.

MCLR supports borrowers by ensuring that they get the advantages of rate reduction.

.