HDFC Bank gave a big blow to the customers, now more interest will have to be paid on the loan - Newztezz Online

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Wednesday, February 8, 2023

HDFC Bank gave a big blow to the customers, now more interest will have to be paid on the loan

HDFC Bank has increased its Marginal Cost of Lending Rate (MCLR) even before the decision of the Monetary Policy Committee meeting of RBI.

HDFC Bank Home Loan Interest Rate: The country's largest private bank HDFC has increased its Marginal Cost of Lending Rate (MCLR) even before the decision of the Monetary Policy Committee meeting of RBI. These increased rates of HDFC Bank have come into effect from 7 February 2023. Now the loan interest rate will be decided afresh for all types of consumers.

According to the report of Money9, the bank has increased the MCLR by 10 basis points. Now the MCLR rate for overnight has become 8.60 percent. MCLR has been made 8.60 percent for one month, 8.65 percent for three months, 8.75 percent for six months.

Know what is MCLR?

According to Money 9's report, the MCLR for one year has been reduced to 8.90 percent, which was earlier 8.85 percent. At the same time, the MCLR for two years is 9 percent and for three years, the MCLR is 9.10 percent. Explain that the Marginal Cost of Funds Based Lending Rate or MCLR is the minimum interest rate at which financial institutions give loans to anyone. No bank can give loan to anyone on less interest than this. This rate is implemented by the central bank.

Credit Policy of Reserve Bank of India

After the meeting of the Monetary Policy Committee of the Reserve Bank of India today, RBI Governor Shaktikanta Das will give information about the decision taken in the meeting. In such a situation, there is a possibility that RBI has increased the repo rate by 25 basis points. Due to this, home loan, car loan, personal loan etc. of banks will all become expensive and the EMI of your loan will become expensive.

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