HDFC Bank raises 3-month lending rates, see latest September 2024 MCLR and other rates
HDFC Bank raised its MCLR for 3-month tenure by 5 basis points, with its MCLR interest rates now ranging between 9.10% and 9.45%
HDFC Bank has increased its loan interest rates by up to 5 basis points (bps) for tenure of 3 months after raising its marginal cost of funds-based lending rates (MCLR) on Friday, September 7, 2024.
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What is marginal cost of funds-based lending rates (MCLR)?
The marginal cost of funds-based lending rates (MCLR) is the minimum interest rate that a bank or financial institution can charge for a loan. Therefore, it shows the lowest interest rate possible for a given loan.
The Reserve Bank of India (RBI) introduced the use of MCLR in 2016, replacing the then-prevailing base rate system. the MCLR helps banks to determine interest rates for the various types of loans including home loans, business loans, personal loans, and others.
What are the lending rates of HDFC Bank in September 2024?
HDFC Bank's MCLR rates now range between 9.10% and 9.45%.
| Tenor | MCLR |
| Overnight | 9.10% |
| 1 Month | 9.15% |
| 3 Months | 9.30% |
| 6 Months | 9.40% |
| 1 Year | 9.45% |
| 2 Years | 9.45% |
| 3 Years | 9.45% |
| Source: hdfcbank.com | |
Only the 3 month tenure lending rate has been revised by 5 bps from 9.25% to 9.30%. Rest all remain the same.
What is the interest rate for HDFC home loans?
“HDFC Bank offers an adjustable-rate loan also known as a floating rate loan as well as a trufixed loan in which the interest rate on the home loan remains fixed for a specific tenure (say first two years of the entire loan tenure) after which it converts into an adjustable-rate loan,” according to the HDFC bank website.
All lending rates are benchmarked to the prevailing Policy Repo Rate, which is 6.50% currently.
Special home loan rates for salaried & self-employed:
Repo Rate + 2.25% to 3.15% = 8.75% to 9.65%
Standard home loan rates for salaried & self-employed:
Repo Rate + 2.90% to 3.45% = 9.40% to 9.95%
What are the other lending rates of HDFC Bank?
HDFC Bank's benchmark Prime Lending Rate at the moment is 17.90% p.a, effective from June 18, 2024. The revised undefined Rate is 9.40%, effective from June 18, 2024.