HDFC Bank Loan Costly: Selected loans of HDFC Bank become expensive, EMI made expensive by increasing MCLR

HDFC Bank Costly: If you have taken or are going to take a loan from HDFC Bank, then this news is important for you. Taking a loan from HDFC Bank may cost you dearly and your EMI will also increase. HDFC Bank, the country’s largest private sector bank, has today increased the Marginal Cost of Lending Rate (MCLR) for some of its loans by 0.05 percent i.e. 5 basis points. After this, the rates of select maturity loans of HDFC Bank will increase slightly.

Know which time period loans have become expensive

MCLR for one day loan has increased from 9.10 percent to 9.15 percent. Apart from this, the one month MCLR rate has increased by 0.05 percent to 9.20 percent. Apart from these, there has been no change in the MCLR rate for loans with second maturity. The new rates have come into effect from 7th November 2024 i.e. today.

Information is available on HDFC Bank website

According to the information available on the website of HDFC Bank, the benchmark MCLR rate has been maintained at 9.45 percent for a period of one year. On this basis, the rates of most consumer loans like car loan and personal loan are decided.

RBI’s repo rates remain stable without any change.

The Reserve Bank of India (RBI) has decided to keep its policy rate repo unchanged at 6.5 percent for the tenth consecutive time in the last Monetary Policy Committee meeting. After this, HDFC Bank has decided to increase these rates. The MPC meeting of RBI was held on 9 October 2024 in which RBI Governor Shaktikanta Das had given the decision not to increase the repo rate.

HDFC Bank had increased rates earlier also

HDFC Bank had made its loans expensive earlier also and had increased the rates for some select tenure loans in September 2024. In fact, HDFC Bank had increased the rates which determine the benchmark rates for loans like home loan, car loan and personal loan. Mainly the increase was seen only in MCLR rates.

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