This is the third time after May that HDFC Bank has increased the interest on the loan. In this way, the overall interest rate has been increased by 0.80 percent.
HDFC Bank Hikes Lending Rate: There is bad news for the customers of HDFC Bank, the largest private sector bank in the country. HDFC Bank has announced an increase of 0.20 percent in its Marginal Cost of Funding Based Lending Rate (MCLR) for all tenors. Due to this, now it will become expensive for HDFC Bank customers to take a loan. This is the third time after May that the bank has increased the interest on the loan. Overall the interest rate has been increased by 0.80 percent.
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What is the increase in MCLR
HDFC Bank said that the MCLR for a period of one year will now be 8.05 percent from 7.85 percent earlier. Most of the consumer loans are related to this. According to the information available on the bank’s website, the interest on one day’s MCLR will now be 7.70 percent as against 7.50 percent earlier. At the same time, the interest on MCLR for three years will be 8.25 percent.
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There may be more increase in the coming days
The Reserve Bank of India increased the key policy rate repo rate by 0.90 percent in May-June to control rising inflation. Since then, banks have been increasing the interest on loans. Analysts believe that RBI may hike rates further in the coming days.