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Loan Interest Rate: Good news for HDFC Bank customers, EMI burden will reduce.

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HDFC Bank Home Loan Interest Rate: There is good news for the customers of big private sector bank HDFC. If you are thinking of taking a loan from the bank or have taken a loan, then let us tell you that the bank has revised its Marginal Cost of Lending Rate (MCLR). The bank has cut MCLR. After the change in MCLR, there will be a change in the interest rates of all types of loans like home loans, car loans, personal loans education loans,n, etc. EMI burden on customers will be reduced. The new rates have come into effect from June 7, 202,4 i.e. Saturday. The MCLR of the bank ranges between 8.95 percent to 9.35 percent.

Know about HDFC Bank’s MCLR rate

HDFC Bank’s overnight MCLR rate has reached 8.95 percent. There has been no change in the one-months MCLR of the bank. It remains at 9 percent. The bank’s three-month MCLR has become 9.15 percent. MCLR for the loan period of six months has become 9.30 percent. MCLR will be 9.30 percent between one year and two years. A change of 5 basis points has been made in this. The two-year MCLR of the bank is 9.30 and the three-year MCLR is 9.35 percent. There has been no change in MCLR for more than three years.

What is MCLR?

Through the Marginal Cost of Lending Rate, the bank decides the interest rates of many types of loans like home loans car loans, personal loans, business loans,n, etc. While when MCLR increases, the EMI burden on customers increases, when it decreases, the EMI burden reduces.

RBI did not change the repo rate

The Reserve Bank has not made any change in the repo rate in the Monetary Policy Committee meeting. The repo rate currently remains stable at 6.50 percent. There has been no change in the repo rate in the 8th consecutive meeting of the Monetary Policy Committee of the Reserve Bank. The Central Bank’s MPC last changed the repo rate in February 2023. Then it was increased to 6.5 percent, that is, the repo rate has remained stable at the same level for 16 months.