HDFC Bank hikes loan rates by 5 basis points for select tenures

Latest update:November 07, 2024 06:01 PM IST

HDFC Bank on Thursday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points.

The new tariffs are effective from November 7, 2024.

Private sector lender HDFC Bank has adjusted the marginal cost of funds-based lending rate (MCLR) for select maturities, with a hike of 5 basis points (0.05 percentage point) in certain categories, effective November 7, 2024.

Annual MCLR rate remains stable at 9.45%

Despite the adjustments, HDFC Bank’s core annual MCLR, which serves as the pricing standard for most consumer loans such as auto and personal loans, remains unchanged at 9.45%.

MCLR rates for overnight and one month have been increased

The bank raised the overnight MCLR rate to 9.15% from 9.10% and increased the one-month MCLR by 5 basis points to 9.20%. Rates for other maturities have not changed.

New rates in the context of RBI’s stable base rate

This MCLR adjustment by HDFC Bank follows the Reserve Bank of India’s (RBI) decision to keep the benchmark lending rate steady at 6.5% for the tenth consecutive meeting.