For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

HDFC Bank Lowers MCLR By 10 Bps Across All Tenures

|

On Tuesday, HDFC Bank decided to cut its lending rates by 0.10 percent across all tenures and the new rates will be effective from 7 August, a PTI report said, citing sources.

 

HDFC Bank Loans Get Cheaper

The move comes a day ahead of the the RBI's (Reserve Bank of India) monetary policy review. In the last three consecutive reviews, the central bank cut its key rat by 0.75 percent and has been expecting lenders to passover the benefits to its customers.

In the last few weeks, many lends including Bank of Baroda, Union Bank and the State Bank of India have lowered their lending rates. SBI its marginal cost of funds-based lending rate (MCLR) by 0.05 percent.

According to the PTI report's source, HDFC Bank has cut pricing by 10 basis points across all tenures with one-year MCLR reduced to 8.60 percent from the earlier 8.70 percent. While the private lender's website till hasn't notified of the change, the rates effectively would be:

Tenurew.e.f 8 Julyw.e.f 7 August
Overnight8.30%8.20%
1 month8.30%8.20%
3 month8.40%8.30%
6 month8.50%8.40%
1 year8.70%8.60%
2 year8.80%8.70%
3 year8.95%8.85%

Meanwhile, RBI is widely expected to cut its key rate by 0.25 percent for the fourth consecutive time at the policy review on Wednesday, to push growth.

Read more about: hdfc bank mclr loan
Story first published: Tuesday, August 6, 2019, 20:41 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X