Big News HDFC Bank Hikes MCLR: HDFC Bank has increased the interest rates on all its loans. According to the information received from the bank, HDFC Bank has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points (bps) for all loan tenures. Let’s know the latest rates.
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HDFC Bank Hikes MCLR: There is a big shock news for the customers of HDFC. The country’s number one private bank HDFC Bank has increased interest rates on all its types of loans. According to the information received from the bank, HDFC Bank has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points (bps) for all loan tenures.
Big blow to HDFC customers
This increase has come into effect from 8 August 2022. The bank has taken this decision after the Reserve Bank of India (RBI) announced an increase of 50 basis points (0.50 per cent) in the repo rate. In the MPC meeting of RBI in August, such a decision was taken with the aim of controlling inflation.
RBI hikes repo rate
Significantly, Central Bank Governor Shaktikanta Das announced a 0.50 percent hike in the repo rate, while stating the results of the Monetary Policy Committee meeting (RBI MPC Meeting Today) on Friday, 5 August. After this hike, the repo rate increased to 5.40 percent. Let us tell you that this year RBI has increased the repo rate for the third time in a row.
Repo rate hiked 3 times in a year so far
Earlier, in May 2022, the RBI suddenly increased the repo rate by 0.50 percent. After this, in the MPC meeting of June 2022, the repo rate was increased by 0.40 percent. In this way, there has been a total increase of 1.40 percent in the repo rate since May. With this increase, your home loan, car loan and personal loan i.e. all types of loans taken from the bank will become expensive.
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