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HDFC Bank hikes lending rates by 0.35 percent; EMIs to go up
Mumbai (Maharashtra), June 7, 2022 (ANI): India's largest private sector lender HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) by 0.35 percent or 35 basis points across all tenures, effective from June 7.
With the increase in MCLR rates, the equated monthly installment (EMI) on a variety of loans including housing, vehicle, and personal loans, will go up. This is the second increase in lending rate by HDFC Bank since the Reserve Bank of India (RBI) hiked the policy repo rate by 40 basis points in early May.
On May 7, just a couple of days after the RBI decided to hike the policy repo rate, HDFC Bank hiked MCLR by 25 basis points.
As per data updated on HDFC Bank's website, the overnight MCLR is increased to 7.50 percent from the earlier 7.15 percent.
The MCLR for one month tenure is increased to 7.55 percent from the earlier rate of 7.20 percent. For the three-month tenure, MCLR is increased to 7.60 percent. For the six-month tenure, the revised MCLR stands at 7.70 percent.
The one-year MCLR is increased to 7.85 percent. The major part of the consumer loans is connected to the one-year MCLR.
The two-year MCLR has been increased to 7.95 percent, and the three-year MCLR stands revised upward at 8.05 percent. (ANI)