HDFC Bank Rates: HDFC Bank, one of the largest private banks in the country, has given a huge shock to the customers. The bank has increased its MCLR rate for short term. Due to this, there is a double attack on the customers in the era of inflation. From car loan to home loan […]
HDFC Bank Rates: HDFC Bank, one of the largest private banks in the country, has given a huge shock to the customers. The bank has increased its MCLR rate for short term. Due to this, there is a double attack on the customers in the era of inflation. From car loan to home loan, everything can be expensive. Therefore, if you are a customer of HDFC Bank then this news is for you only.
Double attack of HDFC Bank after RBI
Actually HDFC Bank has increased the MCLR rate by 10 basis points. This means that the loans available to customers will become costlier. This decision to increase the MCLR rate has come when no change was made in the monetary policy by the RBI recently.
What is MCLR?
MCLR is the rate on the basis of which the rate of car loan, home loan as well as personal loan is set. This increase happens on floating interest rate. It is not done at fixed rate. Therefore this rate is directly linked to the pockets of the customers. If we talk about 10 basis points, then it is seen as 0.10 percent.
These rates have been fixed
If we talk about MCLR rate, HDFC Bank has made the rate 8.65 percent for one month, 8.85 percent for 3 months, 9.10 percent for 6 months, 9.20 percent for 1 year and 9.25 percent for 3 years. Therefore, if you have taken or are going to take a loan from HDFC, then you can keep these rates in your calculations.
