HDFC Bank Gave Bad News to Customers: MCLR Increased, Car and Home Loan Expensive
HDFC Home Loan Interest Rate: Before Diwali, the country’s largest private sector bank HDFC has thanked its customers. HDFC has increased MCLR on some term loans.
The bank has increased the MCLR to 5%, i.e. 0.05%. EMIs on all floating loans, including auto loans, home loans and personal loans, will increase if the bank increases the MCLR.
HDFC Home Loan Interest Rate: Before Diwali, the country’s largest private sector bank HDFC has thanked its customers. HDFC has increased MCLR on some term loans.
The bank has increased the MCLR to 5%, i.e. 0.05%. EMI on all floating loans including auto loan, home loan and personal loan will increase if the bank increases MCLR.
This is the reason why home loan and car loan EMI may increase before Diwali. These new rates will be applicable from 7 November 2023.
Orthodontist | Data Scientist | Psychiatrist | Physician | Surgeon | Cloud Engineer
Latest MCLR Rates of HDFC Bank
HDFC Bank’s overnight MCLR has been increased by 10 bps from 8.60% to 8.65%.
One month MCLR has increased by 15 bps from 8.65% to 8.70%.
The three-month MCLR has also increased by 10 basis points to 8.90 percent, which was earlier 8.85 percent.
6-month MCLA increased by 5 bps to 9.15 per cent from 9.10 per cent.
MCLR for tenure more than one year is 9.2%. It has increased by 0.05%. Earlier it was 9.15%.
MCLR for tenure more than 2 years is 9.2%. There has been no change in this.
MCLr for period more than 3 years has been increased from 9.25% to 9.30%.
New rates come into effect today, 7 November 2023
Various factors are considered while constructing MCLR, such as deposit rate, repo rate, operational expenses and cost of maintaining cash reserves ratio.
MCLR rate depends on the repo rate. Changes in MCLR affect the interest rate of the loan, due to which the EMI of the borrowers increases.
According to the HDFC Bank website, the new MCL rates have come into effect from November 7, 2023.
EMI of personal loan, home loan and auto loan will increase
The increase in MCLR will affect the interest rates of home loan, auto loan and personal loan. Loan customers will pay EMI first. New customers will get expensive loans. The bank has shocked the customers by doing this before Diwali.
Thank you for visiting Jobs Ada
