HDFC Bank hikes MCLR by 5 bps across loan tenures

HDFC Bank has hiked its marginal cost of funds-based lending rate by 5 basis points across loan tenures today.

The new interest rates range from 8.65-9.15% per annum.

The hike in lending rate by the bank follows the 25-basis point hike by the Reserve Bank of India (RBI) in its latest monetary policy meeting in February.

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Various other banks have also hiked their lending rate after the central bank’s move.

India’s largest lender State Bank of India (SBI) hiked its MCLR by 10 bps across all tenures effective February 15.

Bank of Baroda hiked its MCLR by 5 bps across all loan tenures from February 12.