HDFC Bank hikes loan rate on this tenure by 5bps: Check latest lending rates for September 2024
Personal loan interest rates September 2024: List of 21 banks offering best interest rates on personal loans
Latest lending rates September 2024
The bank has not revised any lending rates apart from 3 months tenure. For overnight the bank offers 9.10% and for one month it is 9.15%. On three-month tenure, the bank has increased by 5 bps from 9.25% to 9.30%. The six-month MCLR is 9.40%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year and three-year MCLR stands at 9.45% after the revision.
MCLROvernight9.10%1 Month9.15%3 Month9.30%6 Month9.40%1 Year9.45%2 Year9.45%3 Year9.45%
What is MCLR?
The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate that a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.
HDFC home loan interest rates in September 2024
According to the HDFC website, “HDFC Bank offers an adjustable-rate loan also known as a floating rate loan as well as a trufixed loan in which the interest rate on the home loan remains fixed for a specific tenure (say first two years of the entire loan tenure) after which it converts into an adjustable-rate loan.”
Note that all rates are benchmarked to Policy Repo Rate. Current applicable Repo Rate = 6.50%
Special home loan rates for salaried & self-employed
For all loans policy Repo Rate + 2.25%
