Bank Loan Interest: HDFC Bank, one of the largest private banks in the country, has given a big blow to the customers. The bank has increased the MCLR rate for short term, due to which the customers are being hit double in the times of inflation. Everything from car loan to home loan can be expensive. So if you are a customer of HDFC Bank then this news is for you.
Actually, HDFC Bank has increased the MCLR rate by 10 basis points. This means that loans available to consumers will become more expensive. The decision to increase the MCLR rate comes at a time when the RBI has not made any changes in the monetary policy recently.
MCLR is the rate on the basis of which the rates of car loan, home loan as well as personal loan are decided. This increase occurs in floating interest rates. This is not done at any fixed rate. Therefore this rate is directly linked to the customer’s pocket. If we talk about 10 basis points, it appears to be 0.10 percent.
If we talk about MCLR rates, HDFC Bank’s rates are 8.65 percent for 1 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 mind.