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HDFC Bank hikes interest rate on loan; now pay extra EMI

HDFC Bank: Customers who borrow money from HDFC Bank will now have to pay additional interest on their loans. HDFC Bank’s all-duration loans now have higher interest rates. This was due to HDFC Bank raising loan rates based on the Marginal Cost of Lending Rate (MCLR). These went into effect yesterday, November 7th, and as a result, the bank’s EMI for debtors has increased.

How much did the bank raise its interest rate:

According to the HDFC Bank website, the bank’s MCLR on loans with a one-night tenure has increased from 7.90% to 8.20%. The month-long loan’s MCLR has also been reduced to 8.25 percent. Furthermore, the MCLR for loans with terms of three to six months has increased from 8.30% to 8.40%.

The MCLR for one-year term loans at HDFC Bank has risen to 8.55 percent. At the same time, the MCLR, which was previously 8.30% for a two-year term, will now be 8.65%. The bank increased the MCLR rate on three-year loans from 8.40 percent to 8.75 percent.

Why will bank loans be more expensive as the MCLR rises:

The majority of banks base their loan interest rates on one-year MCLR, which raises the cost of all of their loans, including personal loans, vehicle loans, and home loans.

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