BIG BLOW to HDFC customers! HDFC Bank hikes MCLR on loans across all tenures by upto 10 basis points

New Delhi: The country's largest private sector lender HDFC Bank on Monday announced hike in its marginal cost of funding-based lending rate (MCLR) across all tenors by upto 10 basis points. The new MCLR rates will be applicable from today, August 8.

HDFC Marginal Cost Of Funds-Based Lending Rates (MCLR) effective from August 8, 2022 are as follows: 

Also read: ICICI, PNB Bank shock customers, as loans get costlier after RBI repo rate hike

Tenor	MCLR
Overnight	7.80%
1 Month	7.80%
3 Month	7.85%
6 Month	7.95%
1 Year	8.10%
2 Year	8.20%
3 Year	8.30%

 

The move comes in the wake of the latest RBI policy decision to raise the key interest rates. Reserve Bank of India had on August 5 raised the key interest rate by 50 basis points, the third straight increase since May. The repurchase (repo) rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. The 5.40 per cent repo rate was last seen in August 2019.

RBI's rate hike is aimed at taming the stubbornly high inflation and defend the depreciating rupee.

It may be noted that other major banks like ICICI, PNB, Canara Bank and Bank of Baroda too have  made lending costlier by increasing their loan interest rates following RBI's repo rate hike last Friday.