HDFC Bank made home and car loans expensive, this year for the 5th time raising interest rates

Photo: PTI/FILE HDFC Bank

If you were thinking of buying a car or a house during the festivals, then this news is not for you at all. The country’s largest private bank, HDFC Bank, announced an increase in rates for home and auto loans. This is the fifth time since May that HDFC Bank has raised interest rates alongside RBI’s repo rate hike.

According to the bank, the lending rate based on marginal cost funds (MCLR) has been increased on the loan. The bank increased the MCLR to 0.10%. The new loan interest rates came into effect on September 7, 2022. In August, the Reserve Bank of India (RBI) raised the policy rate. Since then, all banks have increased their MCLR.

There are a variety of bank loan links ranging from MCLR to home, car and personal loans. In May, HDFC Bank had increased the MCLR by 0.25%. The rate was increased by 0.35% in June. An increase of 0.20% was announced in July and 0.10% in August.

duration

MCLR

overnight 7.90%
a month 7.90%
three months 7.95%
6 months 8.05%
1 year 8.20%
2 years 8.30%
3 years 8.40%

The Reserve Bank had raised the repo rate by 50 basis points

At the meeting which was to be held in two months, the Reserve Bank of India had raised the repo rate. It was increased by 50 basis points or half a percent. Since then, many banks have raised interest rates on loans. It was the second time in a row that the RBI raised the policy rate.

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