HDFC Bank increases loan rates for select short tenors! Check new rates

India’s largest private sector lender HDFC Bank on Thursday hiked lending rates by 5 bps for short-term tenors.

This increase in marginal cost of funds based lending rates (MCLR) applies to overnight, one month and three-year tenures.

After this revision, the overnight MCLR rose to 9.15% from 9.10% earlier, one-month MCLR increased to 9.20% from 9.15% and three-month tenure MCLR stood at 9.5% against the earlier 9.45%.

MCLR is the benchmark set by the RBI to help banks determine their lowest interest rate they can charge on any loan from customers.

There are no changes in MCLR rates for other tenors, apart from the three short tenors mentioned above.

The MCLR for three-month tenure loan remains at 9.3%, while the six-month and one-year MCLRs are both set at 9.455. The two-year MCLR remains at 9.45%.