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HDFC Bank hikes lending rates by 0.35%; Loan EMIs to go up

By Shgun S -- June 07, 2022 2:43 pm -- Updated:June 07, 2022 2:50 pm

Mumbai, June 7: HDFC Bank, India's largest private sector lender, has hiked its marginal cost of funds-based lending rates (MCLR) across all tenures by 0.35 percent or 35 basis points, effective June 7.

The equated monthly instalment (EMI) on a variety of loans, including housing, vehicle, and personal loans, will increase with the hike in MCLR rates.

This is HDFC Bank's second rate hike after the Reserve Bank of India (RBI) raised the policy repo rate by 40 basis points in early May.

On May 7, just a few days after the RBI raised the policy repo rate, HDFC Bank increased the MCLR by 25 basis points.

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According to data updated on HDFC Bank's website, the overnight MCLR has been raised to 7.50 percent from 7.15 percent previously.

The one-month MCLR has been raised to 7.55 percent from 7.20 percent. The MCLR has been hiked to 7.60% for the three-month tenure. The revised MCLR for the six-month term is 7.70 percent.

The one-year MCLR has been raised to 7.85%. The majority of consumer loans are connected to the one-year MCLR.

The two-year MCLR has been hiked to 7.95%, while the three-year MCLR has been increased to 8.05%.

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-PTC News

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