HDFC Bank Home Car Loan Interest Rate: The customers of HDFC, the country’s largest private sector bank, have been given a gift in the New Year. HDFC has reduced MCLR on some tenure loans by 0.05 percent. This MCLR rate has been reduced on overnight, six months, one year and three years periods. The bank has reduced the rates for all these periods by 0.05 percent. Rest, MCLR on period remains the same as before. The new MCLR rate of HDFC Bank has come into effect from 7 January 2025. Know here what effect the increase or decrease in MCLR has on you?
HDFC Bank’s new MCLR rates – effective from 7 January 2025
HDFC Bank’s overnight MCLR has been increased to 9.15 percent. Earlier it was 9.20 percent, in which the rate has been reduced by 0.05 percent.
One month MCLR is 9.20 percent. There has been no change in this.
Three month MCLR is 9.30 percent. No changes were made in this.
The six-month MCLR was 9.45 percent, which has been reduced to 9.40 percent. The bank has reduced the rate by 0.05 percent.
One year MCLR was 9.45 percent which has been reduced to 9.40 percent. In this the bank has reduced the rate by 0.05 percent.
MCLR for period more than 2 years is 9.45 percent. No changes were made in this.
MCLR for period more than 3 years was 9.50 percent, which has been reduced to 9.45 percent. A change of 0.05 percent has been made in this.
What happens if MCLR increases or decreases?
Revising the MCLR of the bank affects the EMI of all types of floating loans including home loan, personal loan and auto loan. Loan interest increases when MCLR increases and decreases when it decreases. The EMI interest of your home loan, car loan, personal loan is decided through this. For example, if you are planning to buy a car or a house, then you will get the loan cheaper than before. Apart from this, those who already have a loan, their monthly loan EMI may be slightly less.
How is MCLR decided?
Many factors are taken into account while deciding MCLR. This includes the cost of maintaining deposit rate, repo rate, operational cost and cash reserve ratio. Changes in the repo rate of the Reserve Bank affect the MCLR rate. Changes in MCLR affect the interest rate of your loan, due to which the EMI of the loan borrowers increases. The effect of increase and decrease in MCLR increases or decreases the EMI of your loan.
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