Many financial changes have been observed since the beginning of this month, November. Along with this, some changes are still taking place. In this context, the country’s largest private bank, HDFC Bank, has increased the Marginal Cost of Funds-Based Lending Rate (MCLR), effective from Thursday, November 7, 2024. As a result, customers will have to pay more interest on their loans. However, the MCLR increase applies to select tenures only. Currently, HDFC Bank’s MCLR rates range from 9.15% to 9.50%.
These are the new rates
The leading private bank has increased the Marginal Cost of Funds Based Lending Rates (MCLR) on overnight, one-month and three-year loan tenures by up to 5 basis points (bps). The bank has increased the Interest Rates on overnight and one-month loan tenures by 5 bps, after which the overnight MCLR has become 9.15%, which was earlier 9.10%, and the one-month MCLR has become 9.20%, which was earlier 9.15%. Apart from this, the interest rate on three-month loan tenure has now become 9.30%. At the same time, 6-month MCLR has become 9.45%, one-year MCLR 9.45%, two-year MCLR 9.45% and three-year MCLR 9.50%.
What is the Prime Lending Rate?
Let us tell you that the benchmark prime lending rate (PLR) of HDFC Bank is 17.95% p.a., which is applicable from 9 September 2024. Along with this, the base rate is also 9.45%, which is applicable from 9 September 2024.
How much is the interest on home loan
Private banks have also released their special interest rates for home loans. Special home loan rates for salaried and self-employed are between repo rate + 2.25% to 3.15%, which can range from 8.75% to 9.65%. Apart from this, standard home loan rates are between repo rate + 2.90% to 3.45%, which can range from 9.40% to 9.95%.