HDFC Bank cuts rates; home loans, auto loans set to become cheaper
The HDFC Bank has reduced the MCLR to 8.65 per from 8.75 per cent, marking a cut of 0.10 per cent for a loan of up to 1 year.
Following the Reserve Bank of India's (RBI) rate cut move, HDFC Bank has slashed its Marginal Cost of Lending Rate (MCLR) with effect from April 8. The move will make the home loan, auto loan and personal loan from the bank cheaper. Not only the new loans but also the existing loans will become cheaper. Thus, the EMIs will go down too.
The HDFC Bank has reduced the MCLR to 8.65 per from 8.75 per cent, marking a cut of 0.10 per cent for a loan of up to 1 year. HDFC Bank has also reduced the MCLR for loans up to a period of six months, three months and one month to 8.45 per cent, 8.35 per cent and 8.30 per cent respectively.
On April 4, the RBI in its first bi-monthly policy meet of current FY, had cut repo rate by 0.25 bps to 6 per cent. The current reverse repo rate stands at 5.75 per cent. The reuction in MCLR rate by the HDFC Bank will put pressure on other leading banks to match the same in order to keep their lending rate lucrative as well as competitive at the same time.
Watch This Zee Business Video
Last week, the ICICI Bank had slashed its MCLR by 0.05% for all loans on April 2. The new rates for overnight and one-month tenors stand at 8.5 per cent, for three months at 8.55 per cent, for six months at 8.7 per cent and for one-year at 8.75 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
01:28 PM IST