Hdfc mcLr: Today the Reserve Bank of India has reduced the repo rate. RBI Governor Sanjay Malhotra said that the repo rate is being reduced from 6.50 per cent to 6.25 per cent. Such experts were expecting for a long time. It was believed that the banks would reduce their MCLR by decreasing the interest of RBI. In contrast, HDFC Bank has increased MCRL. Home, car and personal loan interest is fixed on the basis of MCLR. HDFC has increased the MCLR of Overnite.
HDFC Bank increased MCLR
The country’s largest private sector bank has shocked HDFC customers. HDFC has increased the MCLR 0.05 per cent on a loan of some periods. This MCLR has increased the rate overnite period. The bank has reduced the rate of 0.05 per cent at the rate of all these periods. The rest, MCLR on the period is the same as before. HDFC Bank’s new MCLR rate has come into force from 7 February 2025. Learn here what is the effect on you due to decrease or increasing MCLR?
| Pirad | New MCLR (7 February 2025) | Old mclr |
| Ovnight | 9.20% | 9.15% |
| One month | 9.20% | 9.20% |
| Three months | 9.30% | 9.30% |
| Six months | 9.40% | 9.40% |
| 1 year | 9.40% | 9.40% |
| 2 years | 9.45% | 9.45% |
| 3 year | 9.45% | 9.45% |
HDFC Bank’s new MCLR rates – applicable from 7 January 2025
HDFC Bank’s overnight MCLR has been increased from 9.15 per cent to 9.20 per cent.
One month MCLR is 9.20 percent. It has not been changed.
The three -month MCLR is 9.30 percent. It was not changed.
The six -month MCLR is 9.40 percent. It has not been changed.
One year MCLR is 9.40 percent. It did not change.
The MCLR for more than 2 years and 3 years period is 9.45 percent. It was not changed.
What happens if MCLR grows or decreases?
All types of floating loans including home loans, personal loans and auto loans are affected by the bank’s revision of MCLR. As MCLR increases, the interest of the loan increases and decreases when it decreases. Your home loan, car loan, interest of personal loan EMI is determined through it. If you are planning to buy a car or house, then you will get cheaper than before. Apart from this, those who are already running loans, their monthly loan EMI may be slightly reduced.
How is MCLR decided?
Many reasons are taken into consideration when deciding MCLR. This includes the deposit rate, repo rate, operational cost and a cost to maintain cash reserve ratio. The change in the repo rate of the Reserve Bank affects the MCLR rate. Changes in MCLR affect the interest rate of your loan, which increases the EMI of those taking loans.
Banks will not be able to put pressure on customers to buy financial products, RBI will make