HDFC Bank Loan Costly: The new rates for select HDFC Bank loans have come into effect from today, i.e. November 7, 2024. If you are also going to take a loan, then first know about this change.
HDFC Bank Costly: If you have taken a loan from HDFC Bank or are about to take one, then this news is important for you. Taking a loan from HDFC Bank can cost you more and your EMI will also increase. HDFC Bank, the country’s largest private sector bank, has today increased the Marginal Cost of Landing Rate (MCLR) by 0.05 percent i.e. 5 basis points for some of its loans. After this, the rates of HDFC Bank’s loans with selected maturity will increase slightly.
Know for which time period loans became expensive
The MCLR for one-day loans has increased from 9.10 percent to 9.15 percent. Apart from this, the MCLR rate for one month has increased by 0.05 percent to 9.20 percent. Apart from these, no change has been made in the MCLR rate for loans of other maturities. The new rates have come into effect from today i.e. November 7, 2024.
Information is available on HDFC Bank’s website
According to the information available on HDFC Bank’s website, the benchmark MCLR rate has been maintained at 9.45% for a period of one year. On this basis, the rates of most consumer loans such as car loans and personal loans are decided.
RBI’s repo rate remains unchanged
In the last monetary policy committee meeting, the Reserve Bank of India (RBI) has decided to keep its policy rate repo unchanged at 6.5 percent for the tenth consecutive time. After this, HDFC Bank has decided to increase these rates. The RBI MPC meeting was concluded on 9 October 2024 in which RBI Governor Shaktikanta Das decided not to increase the repo rate.
Earlier also HDFC Bank had increased the rates
HDFC Bank had earlier also made its loans expensive and had increased the rates for loans of select tenures in September 2024. In fact, HDFC Bank had increased the rates that determine the benchmark rates for loans like home loans, car loans and personal loans. The increase was mainly seen in the MCLR rates.