Increase after RBI’s decision
The hike in MCLR rate by HDFC Bank comes at a time when the Monetary Policy Committee of the Reserve Bank of India increased its repo rates by 50 basis points during the MPC meeting last month. The hike in HDFC Bank’s MCLR rate will mean an increase in loan interest for new and existing borrowers (including EMIs for home loans, auto loans and any other loans related to marginal cost).
Check New Rates
HDFC Bank’s MCLR rates have been increased to 7.70 per cent, 7.75 per cent and 7.80 per cent for overnight, one month and three months. The MCLR for all these periods has been increased by 20 bps. HDFC Bank’s MCLR rates for tenures of six months and one year will be 7.90 per cent and 8.05 per cent, respectively. These have also been increased by 20 basis points.
Here are the rest rates
HDFC Bank’s MCLR has been increased by 20 bps to 8.15 per cent and 8.25 per cent for two and three-year tenures, respectively. Housing, vehicle and personal loans are going to become more expensive as a result of the hike in MCLR rate by HDFC Bank. The EMI of all these loans will increase.
When will EMI increase?
Existing HDFC Bank home loan customers should note that the EMI will be revised only when the reset date of their loan approaches. On the reset date, the lender will increase or change the interest rate on the home loan of the borrowers based on the existing MCLR. This means that if a person’s home loan is based on MCLR, and the reset date is in September, he will have to pay the increased EMI from September. Till then, the borrower will pay based on its prevailing rates.
How much is PNB’s MCLR
After the new changes, the one-year MCLR of PNB has been increased from 7.40 to 7.55 per cent. The overnight, one-month and three-month MCLR has been increased by 15 basis points each and now these rates stand at 6.90, 6.95 and 7.05 per cent, respectively. The six-month MCLR has been increased to 7.25 percent and the three-year MCLR has been increased to 7.85 percent.
Base rate also increased
According to PNB, the bank has also increased the base rate from 8.50 to 8.75 per cent and the revised rate is effective from July 1, 2022.