HDFC Bank Hikes: People of India often go to banks or other places to take loans. Banks keep changing their interest rates many times, in such a situation, once again the country’s big bank has made a big change in its interest rates.
HDFC Bank has once again given a big shock to its customers by increasing the interest rates of its bank. This increase by the bank has a great impact on the customers. If you are thinking of taking a loan from HDFC Bank, then you must consider the increased interest rates once.
How big is the interest rate
People often have to take some kind of loan to do some work. In such a situation, people turn to the bank. HSCF Bank has changed its interest rates. The bank has recently announced an increase in the Marginal Cost of Funds Based Landing Rate.
Due to this MCLR has been increased by 5 points. Due to this, the interest rates of MCLR have now increased from 9.10% to 9.45%. This increase has been implemented by the bank from 7 October 2024.
What will be the effect of increased interest rates
The bank recently increased the rate and said that after the increase of 5 points in MCLR, there will be some problems for the loan takers. The bank has increased the interest rates of loans with tenure of 6 months and 3 years.
According to the reports of the Economics Times, the bank’s rates have increased overnight. Earlier it increased from 9.10% to 9.15% in one-month rates.
What is MCLR
MCLR is a system by which the bank charges for giving any loan. It is done by RBI to keep the interest rates stable for taking loans. At present, all the loan rates of HDFC Bank are always linked to the repo rate of the policy, which is currently 6.50%.
Know what is the home loan interest rate
If you are a salaried or self-employed person, then the special home loan rates for them are 8.75% to 9.65% in which the repo rate is +2.25% to 3.15%. On the other hand, if you are a common man, then the interest rate of this home loan for you is 9.40% to 9.95% in which the repo rate is +2.90% to 3.45%.
HDFC Bank’s benchmark prime lending rate is currently 17.95% every year. The increased new interest rate has been implemented from September 9.