HDFC Bank, the private sector lender, has increased its marginal cost-based lending rate to (MCLR) up to 10 basis points (100 basis points = 1%) on loans of all maturities. The new loan rates will be effective from September 7, 2022.

Once the reset date of the loan approaches, the equivalent monthly installment (EMI) of the borrowers will increase accordingly. MCLR is applicable to various types of loans like home, car, personal etc.

HDFC bank Latest MCLR

Source: HDFC Bank

HDFC MCLR hike in last 3 months

• In August, HDFC Bank had increased the MCLR by 10 basis points.
• In July, HDFC Bank had increased the MCLR by 20 basis points.
• HDFC Bank had hiked MCLR by 35 basis points in June
• HDFC Bank hiked MCLR by 25 basis points in May

RBI hikes repo rate

In its bi-monthly policy meeting, the Reserve bank of indiaThe Monetary Policy Committee (MPC) of the U.S. voted to raise the repo rate, the amount at which the country’s central bank lends to commercial banks, by 50 basis points (bps), to 5.40 percent.

This was the second consecutive 50 bps increase. The policy rate has now been increased three times in a row by the RBI.