HDFC, PNB hike lending rates

Housing finance major HDFC and state-run Punjab National Bank (PNB) on Tuesday announced up to 25-bps increase in their lending rates, making their new and old loans expensive for consumers. The revised rates would be effective from March 1.

HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20%.

PNB increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenures. The benchmark one-year MCLR, used to price most of consumer loans such as auto, personal and home, has been revised upwards to 8.5% from 8.4%, the lender said in an exchange filing.

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HDFC increased its retail prime lending rate on housing loans, on which its adjustable rate home loans are benchmarked, by 25 basis points, with effect from March 1, the mortgage lender said in a statement.