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HDFC Bank on Thursday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points
The new rates are effective from November 7, 2024.
Private sector lender HDFC Bank has adjusted its marginal cost of funds-based lending rate (MCLR) on select maturities, with a 5 basis point (0.05 percentage point) hike in certain categories, effective from November 7, 2024.
One-Year MCLR Remains Steady at 9.45%
Despite the adjustments, HDFC Bank’s benchmark one-year MCLR, which serves as the pricing standard for most consumer loans such as auto and personal loans, remains unchanged at 9.45%.
Overnight and One-Month MCLR Rates Increased
The bank has raised its overnight MCLR to 9.15% from 9.10% and increased the one-month MCLR by 5 basis points to 9.20%. Rates for other maturity periods have not been altered.
New Rates in Context of RBI’s Steady Benchmark Rate
This MCLR adjustment by HDFC Bank follows the Reserve Bank of India’s (RBI) decision to hold its benchmark lending rate steady at 6.5% for the tenth consecutive meeting.
