Loan EMI To Become Expensive As HDFC Bank Raises MCLR Rates --Check New Rates, Tenor

While HDFC bank has hiked the MCLR in one month to six month by 10 basis points, it has hiked the 1 year MCLR by 5 basis points.

New Delhi: Private sector lender HDFC Bank has hiked its latest marginal cost of funds-based lending rate (MCLR) by upto 10 basis points. The HDFC MCLR rates are effective from 07 February, 2024, according to the the bank's website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.

Here is the HDFC Latest MCLR Rates Along With Tenors Effective From 07 February, 2024

Tenor	MCLR
Overnight	8.90%
1 Month	8.95%
3 Month	9.10%
6 Month	9.30%
1 Year	9.30%
2 Year	9.35%
3 Year	9.35%

While overnight MCLR, one-month MCLR, 3-month MCLR and six-month MCLR have been hiked by 10 points, the one-year MCLR, that is mostly linked to number of consumer loans have been hiked by 5 basis points from 9.25 percent to 9.30 percent. Meanwhile the bank has kept the 3-year MCLR unchanged at 9.35 percent.

The HDFC MCLR rate revision was announced a day ahead of the RBI Monetary Policy. The central bank, announcing its key policy rate today (February 8), kept the repo rate unchanged at 6.5 percent for the sixth time in a row.

RBI had last raised repo rate in February 2023 to 6.5 per cent after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Announcing the decision of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das on Thursday said it has decided to keep the policy repo rate unchanged on the basis of an assessment of the current and evolving macroeconomic situation.

MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting growth, he said.