Hdfc mcLr: Since the Reserve Bank of India reduced the repo rate, many banks are also reducing their loan interest rates. Now the country’s largest private sector bank HDFC has given gifts to its customers before Holi. HDFC Bank has reduced MCRL 0.05 per cent on a 2 -year period. Home, car and personal loan interest is fixed on the basis of MCLR.
HDFC Bank increased MCLR
The country’s largest private sector bank HDFC customers have been given relief before Holi. HDFC has reduced MCLR 0.05 per cent on some period loans. This MCLR rate is reduced at a 2 -year period. The rest, MCLR on the period is the same as before. HDFC Bank’s new MCLR rate has come into force from 7 March 2025.
| Pirad | New MCLR (7 March 2025) | Old mclr |
| Ovnight | 9.20% | 9.20% |
| 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 | 9.40% | 9.45% |
| 3 year | 9.45% | 9.45% |
HDFC Bank’s new MCLR rates – applicable from 7 March 2025
HDFC Bank’s Overnight MCLR is 9.20 percent.
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 has not been changed.
The 2 -year MCLR has been reduced from 9.45 percent to 9.40 percent.
The MCLR for more than 3 years period is 9.45 percent. It was not changed.
Mclr
When banks change their MCLR (Marginal Cost of Funds Based Lending Rate), all floating rate loans like home loan, personal loan and car loans are affected by EMI. If MCLR increases, loan interest rates increase and your EMI becomes expensive. At the same time, if the MCLR decreases, the interest rates decrease, which can make your EMI cheaper. It also benefits new loans because they can get cheaper loans than before.
How is MCLR decided?
Banks pay attention to several factor to fix MCLR, such as the cost of deposit rate, repo rate, operational cost and cash reserve ratio (CRR). When the RBI changes the repo rate, it directly affects the MCLR. If the repo rate decreases, banks can also reduce MCLR, which can make the loan cheaper. At the same time, if the repo rate increases, MCLR also increases and the EMI of the loan becomes expensive.
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