HDFC has once again increased the loan interest rates. The bank has increased the MCLR by 0.35 percent. Earlier last month also, the bank had increased the MCLR by 0.25 percent.
India’s largest private bank HDFC has increased the MCLR (Marginal Cost of Lending Rate) by 0.35 percent. After this, any other type of loan including home, vehicle and personal will become more expensive for the new and existing customers of the bank.
According to the information given on the website of HDFC Bank, the new rates have come into effect from today. Earlier, on May 7 last month, the bank had increased the MCL by 0.25 percent. Apart from this, earlier this month i.e. on June 1, the bank had increased the Retail Prime Lending Rate (RPLR) by 5 basis points.What will happen to the bank’s new interest rates
After the increase of 0.35 percent in MCLR, the interest rate of one night loan has increased from 7.15 percent to 7.50 percent. The interest rate of one month loan has increased from 7.20 percent to 7.55 percent.
Similarly, for 3 months from 7.25 to 7.60 percent, for 6 months from 7.35 to 7.70 percent, for one year from 7.50 percent to 7.85 percent, for two years from 7.60 to 7.95 percent and for 3-year loans The rate has increased from 7.70 percent to 8.05 percent.
RBI’s Repo Rate
Let us tell you that after the sudden increase in the repo rate by RBI in May, almost all the banks have increased the interest rate more than 1 time. At present, the meeting of the Monetary Policy Committee of RBI is going on.
It will run from June 6 to June 8. It is being speculated that on June 8, RBI may once again announce an increase in rates. After which the banks will again increase the interest. Even if this does not happen, the burden on the pocket of the common man has increased a lot in the last few days.
What is MCLR
MCLR is the minimum interest rate that a financial institution charges for any loan. This determines the lower part of the interest rate of a loan. The change in MCLR depends on the repo rate of RBI. Here customers have to remember one thing that if you have already taken a loan, then the new rates will be applicable on your loan when the reset date of the loan comes.
