HDFC Bank, a prominent private sector bank, has recently announced an increase in its Marginal Cost of Fund Based Lending Rates (MCLR) for specific time periods.
The bank has raised its MCLR by up to 15 basis points (bps).
These revised rates came into effect on July 7, 2023.
Factors Influencing MCL
The determination of MCLR takes various factors into consideration, such as Deposit Rates, Repo Rates, Operating Cost, and the Cost of Maintaining Cash Reserve Ratio (CRR).
Notably, changes in the repo rate have an impact on MCLR rates.
Updated MCLR Rate
HDFC Bank’s overnight MCLR has experienced an increase of 15 bps, rising from 8.10% to 8.25%.
Similarly, the one-month MCLR has been adjusted to 8.30% from the previous 8.20%, reflecting an increase of 10 bps.
Additionally, the 3-month MCLR has risen by 10 bps, reaching 8.60% compared to the previous 8.50%.
Regarding the 6-month MCLR, there has been a slight increase of 5 bps, taking it from 8.85% to 8.90%.
However, there have been no changes in the 1-year MCLR, which remains steady at 9.05%.
Stay Updated
As changes in lending rates can have an impact on various loan products, it is crucial for customers and potential borrowers to stay informed about these developments.
