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HDFC Bank cuts lending rate by 10bps from Feb 6

By Religare
HDFC Bank cuts lending rate by 10bps from Feb 6
HDFC, India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting Feb. 6.

In a statement, HDFC said that the move will bring down HDFC's floating interest rates to 10.15 per cent on loans of up to 3 million rupees and 10.40 per cent on loans of more than 3 million rupees.

The rate cuts by HDFC comes after a recent decision by India's central bank to lower its key policy rate for the first time in nine months by 25 basis points to 7.75 per cent. The move will help support the Indian economy which is set to post its slowest annual growth rate in a decade.

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