The Kalamkar

Big blow to HDFC bank customers, taking loan becomes so expensive

HDFC Bank Loan Costly: HDFC is the largest private sector bank, which has disappointed its customers. The bank has increased the lending rate on loans against marginal cost funds. The move will make home, car and personal loans more expensive. EMI of home loan and car loan customers of HDFC Bank may increase.

hdfc bank india

The Kalamkar News, HDFC Bank Loan Costly: Reserve Bank of India (RBI) will release its monetary policy today, but the country's largest private bank HDFC Bank has made its loan rates expensive. 

HDFC Bank has increased the Marginal Cost of Lending Rates (MLCR) yesterday, making loans like home loan, car loan and personal loan costlier.

HDFC Bank increases MCLR – most loans will be costlier

HDFC Bank has increased the interest rates on consumer loans, which has disappointed its customers. HDFC Bank has increased its Marginal Cost of Lending Rates (MLCR) by 10 basis points (0.10%), which will increase the EMI of all loans from today. According to the website of HDFC Bank, these news are being circulated.

Where has HDFC Bank increased MCLR?

The bank's MCLR rate for loans of different tenures ranged from 8.90% to 9.35%.
The bank's one day MCLR, i.e. overnight MCLR, has increased from 0.10 percent to 8.9 percent.
MCL has come down 10 basis points to 8.95% in one month.
The three-month MCL has come down 10 basis points to 9.10%.
6-month MCL has increased by 10 basis points to 9.3%.
Apart from this, one year MCLR related to consumer loans has also been increased by 5 basis points to 9.25%. The bank's two-year MCLR has come down to 9.35 percent from 9.30 percent and three-year MCLR remains unchanged at 9.30 percent.

These banks also made loans expensive

Even before HDFC Bank, other banks have increased loan rates. State Bank of India, Union Bank of India and Bank of Baroda increase retail loan rates. 

Increase in loan rates is usually seen after increase in repo rate. But this time, despite the repo rate remaining stable, banks have increased it. The Reserve Bank of India has kept the repo rate at 6.50% for a long time.

Since when did loans become expensive?

HDFC Bank has implemented new MCLR rates from 7 February 2024, which will be fully applicable to new loan borrowers.