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HDFC Bank Lending Rates Cut With Effect From 7 August

By Staff

On Friday, HDFC Bank cut its marginal-cost based lending rate (MCLR) on loans across tenors by 10 basis points with effect from 7 August 2020, the private lender's website showed.

The bank had announced a similar rate cut last month as well. The move comes just a day after the Reserve Bank of India, after its Monetary Policy Committee meeting, decided to keep its repo rates unchanged at 4 percent.

HDFC Bank Lending Rates Cut With Effect From 7 August

After the latest revision, HDFC Bank's one-year MCLR was reduced to 7.35 percent.

Tenor MCLR in %
Overnight 7
1 month 7.05
3 month 7.1
6 month 7.2
1 year 7.35
2 year 7.45
3 year 7.55

Earlier this week, ICICI Bank also announced 10 basis points cut in its lending rates. The private lender cut its one-year MCLR will come down to 7.45 percent and the overnight MCLR will be 7.25 percent. One-year MCLR is the basis for a majority of retail products like home loans and will cause the EMI out-go of customers on such loans to fall.

Read more about: hdfc bank mclr
Story first published: Friday, August 7, 2020, 13:02 [IST]
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