HDFC Bank increases loan interest rates by 10 bps

HDFC Bank, private sector lender, has raised its marginal cost of funds-based lending rate (MCLR) on loans of all maturities by up to 10 basis points (100 basis points = 1%). The new loan rates will come into effect on September 7, 2022.

Once the loan’s reset date arrives, borrowers’ equivalent monthly installment (EMI) will increase accordingly. The MCLR is applicable on various types of loans like home, car, personal etc.

HDFC Bank latest MCLR


Source: HDFC Bank

HDFC MCLR hikes in last 3 months

  • In August, HDFC Bank had raised MCLR by 10 basis points
  • In July, HDFC Bank had raised MCLR by 20 basis points
  • In June, HDFC Bank had raised MCLR by 35 basis points
  • In May, HDFC Bank had raised MCLR by 25basis points

RBI hikes repo rate

At its bimonthly policy meeting, the Reserve Bank of India‘s Monetary Policy Committee (MPC) voted to raise the repo rate, the amount at which the nation’s central bank loans money to commercial banks, by 50 basis points (bps), to 5.40 percent.

This was the second consecutive 50 bps increase. The policy rate has now been hiked three times in a row by the RBI.

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