Highlights

The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent
EMI outgo will impact only when the reset date of your loan arrives

Latest news

Asus Pad T3201 Review: OLED Brilliance Meets Everyday Mid-Range Power

Qualcomm Showcases Snapdragon 8 Elite Gen 6 Chips At IMC 2026, Teases New Flagships

Shokz Diwali Sale Brings Discounts On Open-Ear Headphones Across Amazon And Flipkart

iQOO 16 Confirmed For India With Snapdragon 8 Elite Extreme Gen 6 And OriginOS 7

ASUS Announces Festive Discounts Across Laptops, Gaming PCs And Tablets

Priyanka Gandhi lies on ground, Rahul detained as Delhi Police stop INDIA bloc MPs' Jantar Mantar march

Emotion, tears as Messi retires from Argentina national team

Rajpal Yadav tells CJI Surya Kant his legal troubles inspired film title ‘Solah Sawan Jhel Ke’

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

Name: EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet
Uploaded: 2022-06-07T15:12:26.000+05:30
Duration: T00M35S
Channel: EJ Biz Desk
Description: Move aside Governor Das, the banks are not waiting for the RBI policy but beating the curve and raising rates. Private lender HDFC Bank has raised its marginal cost of funds-based lending rate (MCLR) on loans acr...

Second rate hike within a month by HDFC Bank

Updated: Sep 02, 2022 10:53

EJ Biz Desk

Join our WhatsApp Channel

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

Move aside Governor Das, the banks are not waiting for the RBI policy but beating the curve and raising rates. Private lender HDFC Bank has raised its marginal cost of funds-based lending rate (MCLR) on loans across all tenures by 35 basis points effective immediately.

The hike in rates marks the second hike in just a month, earlier HDFC Bank had raised MCLR by 25 basis points on May 7, 2022.

But some relief for home loan borrowers, it is important to note that hike in EMI outgo will impact only when the reset date of your loan arrives which is just once a year.

The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

Frequently Asked Questions

What is the marginal cost of funds-based lending rate (MCLR)?❯

The MCLR is a key interest rate used by banks to determine the interest rate on loans, which reflects the cost of a bank's funds and is linked to changes in monetary policy.

How much has HDFC Bank raised its MCLR?❯

When will the hike in EMI outgo impact home loan borrowers?❯

What are the new MCLR rates for different tenures?❯

Why are banks raising rates ahead of RBI policy?❯