HDFC MCLR Hike: hdfc gave the second blow in a week, increased MCLR, and made all loans expensive
The hike in MCLR affects all types of loans and most of the loans are related to MCLR with a tenor of one year. This increase makes all types of loans, including home loans, personal loans, and auto loans, costlier.
HDFC bank has once again given a big blow to its customers this month. The bank has drastically increased the Margin Cost of Lending Rates (MCLR) by 35 basis points. According to the information shared on the bank's website, the new rates will be effective from june 7. This decision will increase the EMI burden on the borrowers.
According to the report released in this regard, after the increase of 0.35 percent in MCLR, the rate for a one-night tenor loan has increased from 7.15 percent to 7.50 percent. Apart from this, it has become 7.55 percent for one month and 7.60 percent for three months. The MCLR rate on loans of six months tenor has now been increased to 7.70 percent, while for one year it has been increased to 7.85 percent. Explain that the MCLR for one year is currently 7.2 percent in sbi and 7.4 percent in PNB.
According to the information shared by the bank, after this increase, the MCLR rate for the period of two and three years has become 7.95 percent and 8.05 percent respectively. It is worth noting that hdfc bank has made loans costlier for the second time within a week. Earlier this month i.e. on june 1, the bank had increased the RPLR (Retail Prime Lending Rate) by five basis points.
Let us inform you here that the increase in MCLR affects all types of loans and most of the loans are related to MCLR with a tenor of one year. This increase makes all types of loans, including home loans, personal loans, and auto loans, costlier. Along with this, the EMI burden also increases on the borrowers taking the loan.
