Mumbai: Private lender HDFC Bank on Monday raised its Marginal Cost Based Lending Rate (MCLR) by up to 15 basis points on select tenors. The new rates are effective from May 8, 2023.
The hike in MCLR rates will impact floating rate borrowers of personal loans and vehicle loans whose loans are tied to the MCLR.
According to the bank website, the one-year MCLR which is the key barometer for most loans has been hiked to 9.05% from the earlier 8.95%.
The overnight MCLR is now 7.95% from 7.80%; while the one-month is up at 8.10% from 7.95% and the three-month and six-month MCLRs will be 8.40% and 8.80%. The two-year MCLR will be 9.10%, and the three-year MCLR will be 9.20%.