HDFC Bank Lending Rate: HDFC Bank has increased its marginal cost of funds lending (MCLR) by 5 basis points (bps) for short term. The revised HDFC Bank MCLR interest rate has now been extended from 9.20% to 9.50%. These new rates are effective from December 7, 2024.
HDFC Bank: Latest Lending Rates December 2024
- Overnight MCLR at HDFC Bank has increased by 5 bps, from 9.15% to 9.20%. As per the ET report, no adjustment has been made in other MCLR periods.
- The one-month MCLR remained at 9.20%, while the three-month tenure remained at 9.30%.
- The six-month and one-year MCLR, with the key for consumer loans, stands at 9.45%.
- The two-year term continues at 9.45%, and the three-year term remains unchanged at 9.50%.
HDFC Bank MCLR Rates
Source: HDFC Bank website as of ET
What is MCLR?
As mentioned on the HDFC Bank website, “The Marginal Cost of Funds Lending Rate or MCLR is the minimum interest rate that a financial institution is required to charge for a particular loan. Determines the lower limit of interest rate for the loan. This rate is fixed for the borrowers unless otherwise specified by the Reserve Bank of India.”
Lending Structure of HDFC Bank
The prime lending rate is 17.95% per annum, effective September 9, 2024. The base rate is set at 9.45%, effective from September 9, 2024 as well.
Classify the framework.
All lending rates are linked to the policy repo rate, which is currently 6.50%.
Home Loan Preferential Rate
For salaried and self-employed borrowers, the interest rate ranges from 8.75% to 9.65%, calculated by adding 2.25% to 3.15% to the base repo rate of 6.50%.
Regular home loan rates.
Standard rates for all borrowers range from 9.40% to 9.95%, which is arrived at by adding 2.90% to 3.45% to the base repo rate of 6.50%.
It is important to note that the mentioned home loan interest rates and EMIs are valid for loans under the Adjustable Rate Home Loan Scheme (with floating interest rate) offered by HDFC Bank. These rates are linked to HDFC Bank’s repo rate and may vary at the time of disbursement of the loan. Throughout the term of the loan, the interest rate remains variable.