HDFC Bank, one of India’s top private sector banks, provides a variety of loans to satisfy the financial needs of people and enterprises. Whether you want to buy a new home, finance your education, or establish a business, HDFC Bank offers a loan solution for you. This article will give you a thorough overview of HDFC Bank’s loan interest rates, loan kinds, the application process, and the benefits of using HDFC Bank as your loan provider.
HDFC Bank provides a wide range of loan solutions to meet a variety of needs. HDFC Bank has a solution for practically every financial requirement, from house loans to personal loans, vehicle loans to school loans and business loans. These loans are popular among borrowers because they include cheap interest rates, flexible repayment options, and speedy disbursement.
Most Recent MCLR for HDFC Bank
HDFC Bank has raised the benchmark marginal cost of funds-based lending rates (MCLR) by up to 15 basis points. According to the HDFC Bank website, the new rates will go into effect on June 7, 2023.
The overnight MCLR of the bank has been increased by 15 basis points to 8.10%.HDFC Bank’s one-month MCLR has raised by 10 basis points to 8.20%. The three-month MCLR is also at 8.50%, up 10 basis points from the previous 8.40%.
The six-month MCLR, on the other hand, climbed by only 5 basis points from 8.80% to 8.85%. However, MCLRs for tenures longer than one year remain unchanged at
| Tenor | MCLR |
| Overnight | 8.10% |
| 1 Month | 8.20% |
| 3 Month | 8.50% |
| 6 Month | 8.85% |
| 1 Year | 9.05% |
| 2 Year | 9.10% |
| 3 Year | 9.20% |
In May, HDFC Bank hiked the Marginal Cost Based Lending Rate (MCLR) on specified tenors by up to 15 basis points (bps).
Because the bulk of mortgages is obtained through HDFC Ltd, HDFC’s parent company, this MCLR reduction will have no effect on HDFC home loan borrowers. These rates will only apply to older borrowers of personal loans, auto loans (floating rate loans), and other loans tied to the MCLR.
What is MCLR?
The MCLR, or Marginal Cost of Fund-Based Lending Rate, is the minimum interest rate that a financial institution must charge for a certain loan. It establishes the minimum interest rate for a loan. Unless the Reserve Bank of India specifies differently, this rate cap is fixed in stone for borrowers.
Characteristics of MCLR
- The rate’s foundation is determined by the marginal cost of funds.
- The MCLR rate is determined by the deposit rates, repo rates, operating costs, and the cost of maintaining the cash reserve ratio.
- The MCLR is affected by changes in the Repo rate.
- Lenders can modify the Base rate every quarter.
Another bank MCLR ICICI Bank, Bank of India, and PNB are a few banks that revised MCLR in June.
HDFC Bank Loan Interest Rates
The interest rate on HDFC Bank loans is influenced by several factors such as the type of loan, loan amount, repayment tenure, credit score, and the borrower’s profile. HDFC Bank strives to offer competitive interest rates to ensure affordability for its customers.
HDFC Bank Personal Loan Details
| Rack Interest Rate | 10.50% p.a. – 21.00% p.a. |
| Loan Amount | Rs.50,000 to Rs.40 lakh* |
| Benefits |
|
Eligibility Criteria for HDFC Personal Loan
- You should be working for a private company, a public sector company, or a state, national, or local government body.
- You should be over the age of 21. The upper age is 60.
- The minimum amount needed is Rs.25,000 per month.
- You should have worked somewhere for at least 2 years.
- You should have been working at their current company for at least one year.