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HDFC Bank hikes loan interest rates by up to 10 bps

January 8, 2024
in Business
HDFC Bank hikes loan interest rates by up to 10 bps
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HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) of loans by up to 10 basis points on select tenures. The new rates are effective from January 8, 2023, according to the HDFC Bank website.

Latest loan interest rates of ICICI Bank, PNB, Bank of India and Yes Bank

Latest HDFC Bank MCLR

HDFC Bank’s MCLR ranges between 8.80 per cent and 9.30 per cent. The overnight MCLR has been raised by 10 bps from 8.70 per cent from 8.80 per cent. The one-month MCLR of HDFC Bank has increased by 5 bps to 8.80 per cent from 8.75 per cent. The three-month MCLR will be raised to 9 per cent from 8.95 per cent. The six-month MCLR is hiked to 9.20%. The one-year MCLR, which is linked to many consumer loans, has been raised by 5 bps to 9.25 per cent from 9.20 per cent. The 3-year MCLR is kept unchanged at 9.30 per cent.

TenorMCLROvernight8.80%1 Month8.80%3 Month9.00%6 Month9.20%1 Year9.25%2 Year9.25%3 Year9.30%

HDFC Bank other loan interest rates

The revised Base Rate is 9.25% and will be effective from September 25, 2023. The Benchmark PLR – 17.85% per annum with effect from September 25.

Every month, the repo rate and other borrowing rates are taken into consideration while adjusting the MCLR. A bank cannot offer a loan that is less than the MCLR.

Other banks that have hiked loan rates
SBI, initially offering auto loans at 8.65% until December, has now increased the starting rate to 8.85% for clients with high credit scores. Numerous banks have also raised their personal loan rates. Bank of Baroda, previously charging 8.7% on auto loans, now charges 8.8% and has reintroduced processing fees that were waived during festive months. Union Bank of India has similarly increased rates on auto loans and certain personal loans by adjusting the spread over the external benchmark, resulting in car loans starting at 9.15%, up from 8.75%. IDFC First Bank raised interest rates on personal loans from 10.49% in November to 10.75%, while Karnataka Bank increased personal loan rates from 14.21% to 14.28% during the same period. Bank of Maharashtra reduced its home loan interest rate from 8.5% to 8.35% on January 3.

Comparison of MCLR of top banks – January 2024

ICICI Bank has hiked 10 basis points on one-year tenure, which is now 9.10% from 9%. PNB has hiked by 5 bps and one year tenure is now 8.70% from 8.65%. Bank of India offers 8.80% on one-year tenure.

BanksMCLRICICI Bank9.10%PNB8.7BOI8.80%Yes Bank10.5HDFC Bank9.25%

Should you change from Base rate to MCLR rate?
According to the HDFC Bank website, “The Reserve Bank of India (RBI) has made it clear that banks should allow base rate borrowers to switch to MCLR when there is a change in the policy rate. However, before you decide, you should seek professional guidance. Financial advisors can provide you with updated information and guide you through the process of transfer.”

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Copyright for syndicated content belongs to the linked Source : The Economic Times of India – https://economictimes.indiatimes.com/wealth/borrow/hdfc-bank-hikes-loan-interest-rates-by-up-to-10-bps-check-how-much-rates-have-been-hiked-in-one-year/articleshow/106629380.cms

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